Classic car insurance why is it cheap
Discussion
People who consider their cars to be classics tend to care for their cars much more than those who don't - a classic is quite likely to only be driven in fair weather, during daylight hours and to always be kept in a locked garage when it's not in use. Plus mileages tend to be lower and they aren't generally used in the rush hour, which is when accidents are most likely to happen.
I insured my first car (an MGB Roadster) with on a fully comprehensive classic policy with no restrictions for about 300 quid; I even got a NCB from the policy, although I gather that's quite rare these days.
I insured my first car (an MGB Roadster) with on a fully comprehensive classic policy with no restrictions for about 300 quid; I even got a NCB from the policy, although I gather that's quite rare these days.
Classic insurance is cheap for a few reasons.
1 car used as a second car
2 generaly cared for better than "ordinary cars"
3 restricted milage.
4 far lower risk as they are owned by enthusiasts, not as a means of getting the kids to school.
5 they will almost certainly cover far fewer miles than the avarage car.
If you want to insure a classic as your only car it will not be as cheap as if it is used as a second car.
My classic policy for a morris minor, triumph vitesse and series 2a landrover (all on the same policy) with unlimited mileage and breakdown cover, for 2 drivers cost £160 a year. I drive my classics more than I drive my modern car.
1 car used as a second car
2 generaly cared for better than "ordinary cars"
3 restricted milage.
4 far lower risk as they are owned by enthusiasts, not as a means of getting the kids to school.
5 they will almost certainly cover far fewer miles than the avarage car.
If you want to insure a classic as your only car it will not be as cheap as if it is used as a second car.
My classic policy for a morris minor, triumph vitesse and series 2a landrover (all on the same policy) with unlimited mileage and breakdown cover, for 2 drivers cost £160 a year. I drive my classics more than I drive my modern car.
davepoth said:
theironduke said:
I build up NCB on mine!! Didn't even realise till I got the renewal papers and it stated I had acrued a years NCB!
Which company?Chimaera 400, 3000 miles, garaged etc and I pay just shy of 300 a year (fully comp) 26, clean license.
Dino D said:
How old is considered classic?
As a general rule 25, however quite a few companies have lower threshholds and do cherished policies for the not quite classic but still not new cars and they can be for 10 years or older, but it's not a blanket rule.My own particular example is If my E38 740 was 95 or 96 it qualifies for cherished - as it's a 98 it doesn't (yet)
My previous Senators did qualify for cherished even when I had the last of the run out models (94 L) in 2005
Best advice I can offer is speak to a broker who can find out model years and eligability.
Dino D said:
How old is considered classic?
Insurers are tightening up on this due to poor loss ratios from some large 'classic' specialists. My company are now using a guide of 20 years and no commuting for it to qualify as 'Classic' status. Watch for the rules surrounding classic car insurance to start getting tighter soon.Gassing Station | General Gassing | Top of Page | What's New | My Stuff