Classic Car Insurance

monaghan_prints

Hi, I'm 21, and I'm looking at buying a classic car, but due to my age i fear it will be way to much, I already have a insurance policy on my current car, and have been driving for three years.

I would like some advice on how classic car insurance works thanks?

rev_henry

Many people have saved a lot of money by getting a classic policy as a young driver. Sometimes you can get very cheap quotes for beautiful old cars. I never managed to get it to work for me unfortunately. Are you going to get rid of your current car? If so bear in mind that you often don't earn NCB on a classic policy. Also there's something called agreed value, which means you negotiate how much the car is worth with the insurance company at the start of the policy, and if its written off, that's what they pay out, minus excess, no quibbles. As opposed to normal insurance where they pay 'market value' which basically means as little as they can get away with.

So, if you can get a good quote, go for it. Places to start are Footman James, Chris Knott and maybe Adrian Flux. Also get in touch with owners clubs, and join because often you can get an insurance discount by being a member.

Mustard_Dave

As above. There may also be restrictions on the policy such as strict limited mileage, car must be garaged, parked in view of building/CCTV monitored car park etc. REIS insurance are good.

What car are you after anyway?

Hammyman

monaghan_prints wrote: »

Hi, I'm 21, and I'm looking at buying a classic car, but due to my age i fear it will be way to much, I already have a insurance policy on my current car, and have been driving for three years.

I would like some advice on how classic car insurance works thanks?

Classic Car insurance works the same way as regular insurance - you accrue no claims discount etc etc. The only difference is that on a classic policy, you get an agreed value for the car which may need to be backed up by sending photos in of the car and a valuation, such as one from an owners club. If you insured a classic car on a standard policy, you'd usually find yourself being paid out the scrap value if it were in an accident or stolen.

I used Chris Knott with my classic cars.

Just as an aside, if you do buy a classic then join an owners club. They'll save you a fortune on repairs and are a wealth of knowledge about issues, maintenance and affordable parts.

pwllbwdr

The above is not wholly correct. Some classic car policies will have no claims attached to them, others do not. It depends on the policy.

Some classic car insurers will not insure under 25s - you need to check with a few for the car you fancy before you commit yourself.

Some of the policies will have a clause in that you must be a member of a relevant club. Whether that is the case or not, I would recommend it.

emmell

We couldn't get classic insurance for my sons girlfriend, she's 23, and I couldn't add her to my classic policy as a named driver.
When I say couldn't, I should have said couldn't afford it.
ML.

mikey72

Usually ok if the car is less than a 1600cc. What do you mean by expensive though?

Hammyman

pwllbwdr wrote: »

The above is not wholly correct. Some classic car policies will have no claims attached to them, others do not. It depends on the policy.

If it is your only car, it will accrue no claims. If it is a second car, you don't get any no claims but a discount equivalent to the NCB on your main car and mirrors what the policy would cost with that NCB applied.

mikey72

Hammyman wrote: »

If it is your only car, it will accrue no claims. If it is a second car, you don't get any no claims but a discount equivalent to the NCB on your main car and mirrors what the policy would cost with that NCB applied.

Depends on the policy.
Some do, some don't, as a first car, or a second car.
Some will give you a second ncd you can build as well as your first one.
Some won't give you a ncd even if it's your only car.

Homersimpson

Hammyman wrote: »

If it is your only car, it will accrue no claims. If it is a second car, you don't get any no claims but a discount equivalent to the NCB on your main car and mirrors what the policy would cost with that NCB applied.

Most if not all of the classic policys I've had don't acrue no claims bonus, from the policy's i've had its very very rare for this to be case. I've had policys from most of the leadings insurers on all kinds of weird and wonderful stuff!

Hammyman

Homersimpson wrote: »

Most if not all of the classic policys I've had don't acrue no claims bonus, from the policy's i've had its very very rare for this to be case. I've had policys from most of the leadings insurers on all kinds of weird and wonderful stuff!

Thats your problem but for the four years I ran a Capri as my only car on a Classic Car policy, I accrued NCB. Maybe you should find a better broker.