Classic car insurance – what makes it different?

There are a number of reasons to own a classic car or at least to think about owning one: 

• As an investment:. Classic cars have increased in value in recent years. Due to inflation and little or no deposit returns, classic cars can be a much better investment than cash.
• A make/model enthusiast: Some people love Ferrari’s or classic BMW’s and love the idea of owning one.
• An inheritance: Clients can often find themselves with a vehicle that is bequeathed to them by a loved one or friend and wish to keep it.
• Classic car rally or track day: Some owners love to take part in classic rallies or track days as a past time.
• Because they are great fun! Classic cars are somethings bought for the thrill of it, a treat for years of hard work and something to put a smile on your face.

What criteria do you need to have to avail of classic car cover?

Classic car insurance is often cheaper than standard car insurance and so the insurers that offer this cover often have acceptance criteria, such as:

• Age restriction: Typically you will need to be over 30 years of age to avail of classic cover.
• Licence restriction: You will need to have a full licence for over 5 years and have three penalty points or less.
• Claim restriction: Have only 1 fault claim in 5 years.
• Main vehicle as well as classic car: You will need to have a separate main insurance policy on your own vehicle (classic car cover is not designed for full time use vehicles).
• Minimum value and age of vehicle. The vehicle will need to be at least 20 years old and have a value of at least €25,000
• Restricted mileage and ROI registered. An insurer will look for you to drive less than 7500km per year and register the car in Ireland.

So, the policy isn’t for everyone but if you fit the criteria it can be a great way of covering your classic car.

What type of cover can I expect for classic car cover?

If you and your vehicle fit the criteria you can expect some excellent cover and benefits, such as:

• Reduced premium compared to a standard motor insurance policy.
• Agreed value for your classic car. The insurance company will agree the vehicle value on the offset, so you will know exactly what you are covered for.
• European break down cover.
• Comprehensive cover for drivers over 30.
• Legal expenses cover
• Option to reinstate the vehicle if a write off.
• Optional track day and classic rally cover (Subject to underwriting)

So if you are thinking of buying a classic car or already own one, don’t waste your time with other insurers. Contact the experts on 0818919699 for a quotation today or visit our motor insurance page  for more details