Motor - Insuring Classics

By: DCollins | Posted: 19th January 2008

Owning a classic car is a popular hobby for many motorists.

Many enthusiasts pride themselves on restoring old classic cars for the purpose of displaying at specialist meets and auto shows, as well as for driving for themselves.

Whilst there is still debate as to what constitutes a classic car, the rewards for time and money spent on restoration can be worth the effort.

When looking for a car insurance quote for an older car, it’s best to shop around. But not all insurance companies tend to specialise in insuring classic cars.

However, there is a category guide that can help determine the kind of insurance group your vehicle would be placed in:

If it’s not obvious which bracket your vehicle should be in, it’s best to ask your current car insurance provider if they have a specialised department to deal with older vehicles.

However, there are also insurance providers which offer cheap car insurance for older cars. The prices of which can be dependant on the condition of the vehicle.

These policies are usually tied to a specified annual mileage which is lower that of a conventional car – which could be as little as 3,000 miles per year for an older car - as compared to the average mileage of a more mainstream car, which works out at around 12,000 miles per year.

This could work out cheaper for owners of older vehicles, particularly if the vehicle itself is going to be used for shows.

Insurers will usually help you to establish what is known as a Guaranteed Agreed Valuation (GAV) in order to determine how much your older vehicle would cost to insure.

But the classic car market is constantly changing, so insurers could find it difficult to judge values of older vehicles depending on the activity of the market.
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