Aficionados regard classic and vintage cars as pieces of art and treat them accordingly. These cars can be quite expensive to own, restore and run, which is why these cars often have unique insurance considerations as well.
Jeff Osborne, Head of Gumtree Autos and classic car owner, says that it’s important to speak to your insurer before you are making a purchase. “These cars are expensive and parts can be incredibly difficult to source, so one has to make sure that you are covered properly.”
Osborne says that is fairly easy to find insurance for a classic and that the premiums are comparatively low, but one has to find a specialist insurer. “Speak to your local classic car club and obtain a referral if possible. Most will have a stipulation for maximum mileage and limit the coverage to nominated drivers. You will likely agree upon an amount upfront, so be wary of under-insuring.”
Osborne says that usage often dictates the nature of insurance. “For example, if you intend to execute any and all repairs yourself or with your own mechanic, will you be covered? If you are going to participate in club events, rallies or car shows, will they provide liability insurance for any damages occurred? If the car is a work-in-progress, will they insure you during the restoration process? And for how much?”
Osborne says that classic and vintage cars are becoming more and more popular and accessible. “When Gumtree launched its classic and vintage car section, close to a thousand cars were uploaded within the first few weeks. But you will notice that condition and price fluctuates drastically. Book value really isn’t at play here, so determining what the car is worth is going to be critical. It’s important to have true value and condition of the car independently assessed through a heritage dealer or club. Don’t forget to extend coverage for other elements, e.g. components and accessories, which can be easily stolen or damaged.”
Make sure that your insurer has a history of insuring classic or vintage cars, and that they draft a realistic and fair risk profile for you. You’ve invested in your classic for a reason – make sure they can see the same value in her that you do.