Really surprised at the low classic car insurance quotes.
Discussion
Earlier I was dabling on the Footman James quick quote section to get an idea of classic car insurance costs and was surprised by the results.
I did have a look on Go Compare and Confused.com and came away with the price of £1900 for something like a Bentley Turbo R.
On todays search I was quoted about £360!
What's the catch? How can one company do it for so little a premium and yet mainstream insurers quote outrageous amounts - some wouldn't even quote due to my details.
It has reinforced my efforts to purchase a classic car however.
I did have a look on Go Compare and Confused.com and came away with the price of £1900 for something like a Bentley Turbo R.
On todays search I was quoted about £360!
What's the catch? How can one company do it for so little a premium and yet mainstream insurers quote outrageous amounts - some wouldn't even quote due to my details.
It has reinforced my efforts to purchase a classic car however.
Lots of reasons, the main one being classic car owners (taken as a whole, over time, on average) have fewer crashes than owners of other cars. Secondary reasons, limited mileage policies more common (say <5,000 miles a year), the policy doesn't build up a bonus, often you have to have another car insured on a normal policy to avail of the classic one, minimum age of driver is higher e.t.c.
I am paying £261 for a 944 Cab, catches are
Limited mileage
No no claims discount
No driving other cars on policy
You have to have a classic car
You have to be 21 or over
Some policies insist the car is garaged.
If you can live with all that then its a good way to run an interesting car, I do very little mileage and it means the standing costs for the 944 are £261 for the insurance, £215 for Tax and £50 or so for an MOT, i.e. less than most people pay for car insurance on something more modest, £550 or less a year I know I will have to spend, it isnt great on fuel and I am always buying bits but nothing to expensive, yet...
People lose a couple or more grand a year on new cars easily, I am hoping mine stays the same, possibly goes up and if it does lose anything it isn't much. I wont say buying new or modern cars is a mugs game but I don't need a modern car, I find old ones more affordable and interesting (than new stuff I can afford) but you do find yourself fannying about with them, they still need some expensive jobs like mine needs some bodywork and a cam belt later this year, these are still more involved to look after than say a Polo or something.
Limited mileage
No no claims discount
No driving other cars on policy
You have to have a classic car
You have to be 21 or over
Some policies insist the car is garaged.
If you can live with all that then its a good way to run an interesting car, I do very little mileage and it means the standing costs for the 944 are £261 for the insurance, £215 for Tax and £50 or so for an MOT, i.e. less than most people pay for car insurance on something more modest, £550 or less a year I know I will have to spend, it isnt great on fuel and I am always buying bits but nothing to expensive, yet...
People lose a couple or more grand a year on new cars easily, I am hoping mine stays the same, possibly goes up and if it does lose anything it isn't much. I wont say buying new or modern cars is a mugs game but I don't need a modern car, I find old ones more affordable and interesting (than new stuff I can afford) but you do find yourself fannying about with them, they still need some expensive jobs like mine needs some bodywork and a cam belt later this year, these are still more involved to look after than say a Polo or something.
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