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Insuring A Vintage Car

By: Lucy Debenham BA (hons) - Updated: 14 Oct 2012 | comments*Discuss
Vintage Car Car Insurance Insurance

The most exciting and exhilarating part of owning a vintage car has got to be driving it. Having either just purchased your dream vintage car or having fully restored it to its former glory, there’s no doubt that you’ll be itching to get it out motoring along on the open road. In contrast, filling out car insurance forms is a pretty dull prospect. But it is vitally important that you have the right insurance policy for you and your car before you take to the road.

Finding the Right Insurer

Smaller insurance companies might not provide cover for vintage cars, so it is worth doing your homework to find the right car insurance for you. Classic and vintage car magazines and member’s club websites will often have many advertisements for specialist car insurers. If you are a new vintage car owner, it might be worth asking around on chat forums dedicated to your particular model of car, as policies can greatly vary. Generally, a specialist classic and vintage car insurer will offer the best insurance policies to suit the needs of running a vintage car, but if you want to shop around for a quote from a larger insurer, you need to be aware of a few points first.

Firstly, your vintage car does not need insuring whilst it is laid up or parked for long periods off the road. But even if you are planning on taking it for a quick spin or to just show at an event, you will still need car insurance. Never take to the road if you are not properly covered by a valid insurance policy!

Many generic large insurers require you to take out a different policy to that of a ‘normal’ modern car. Along with performance cars, veteran, classic and vintage cars commonly fall into a ‘specialist’ category. In the UK vintage car circuit, it is generally considered that a car built between 1919 and 1930 should be classified as ‘vintage’. However, as far as many mainstream car insurance companies are concerned, this is subject to change. You should be aware that each insurance company has its own version of at what age a car becomes classified as vintage, but it seems that generally anything between 1903 and 1933, or perhaps later, could fall into this category. There seems to be a somewhat blurred line between classic and vintage cars, so it is always worth checking up on this beforehand.

It tends to be considerably less expensive to insure your vintage car than your everyday modern motor, particularly with the specialist insurers. However, be aware that this is partly due to the fact that the insurance company expects that you will not be using your vintage car for commuting, school runs and everyday trips to the shops – in short, the annual mileage is expected to be a lot lower. It is also assumed that the car, as a prized possession, is kept off road in a secure garage or workshop area away from the hands and prying eyes of potential vandals and thieves.

Agreed Valuation Of Your Vintage Car

For a vintage car owner, perhaps the most important part of securing an insurance policy with a normal insurer is making sure that both parties have acknowledged an ‘Agreed Valuation’. This is basically a guaranteed and confirmed value of your vintage car in the event that your car is damaged and deemed unsalvageable or stolen. To obtain an Agreed Valuation, you must firstly know the full value of your vintage car. You must then consult and come to an agreement with your insurer prior to finalising your policy. This is to ensure that there are no contradictions, disputes or problems should you have to make an insurance claim – and always double check that the valuation is guaranteed.

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