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How classic car insurance is calculated

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Whether your classic car is your pride and joy or it’s simply a fun hobby, you’ll want to get adequate classic car insurance to ensure it’s covered should anything go wrong.

If you’re just looking for a quote, you can contact us at Carole Nash on 0333 005 3355. One of our friendly advisors will be on hand to talk you through your quote as quickly as possible.

Generally, classic car insurance tends to be much cheaper than regular car insurance. But what factors go into calculating classic car insurance?

What is classed as a classic car?

First of all, your classic car needs to be indeed a classic. You might love your old banger that you’ve had for many years but does it count as a classic car?

For a car to be counted as a classic car most insurers generally require it to fit a combination of these descriptions:

  • more than 15 years old
  • driven less than 5,000 miles a year
  • kept in mint condition
  • used as a second car

If your car meets some of the above then the majority of insurers will see it as a classic car.

Ways to drive down the cost of classic car insurance

As we mentioned, classic car insurance is usually cheaper than regular car insurance but there are a few ways you can drive down the cost even further. 

If you’re lucky enough to meet the following, you could see your premiums fall:

  • You have another vehicle that you use day-to-day rather than your classic car
  • You have a very low annual mileage (usually somewhere between 2,000 and 5,000 miles)
  • You keep your vehicle in a garage, on a drive or in a specialist lock-up
  • You are aged 25 or older

Modifications can increase premiums

If you have made any modifications to your classic car, it’s important to state that when getting your insurance quote. Whether it’s cosmetic or performance related, modifications can push up premiums by about 10-15%. This of course depends on the extent of the work done and how much it has increased the value of the vehicle. Unlike modern cars, a certain level of modification is expected with classic cars to ensure they are roadworthy. So although it can push up your premiums a little, it won’t be as much as if you had overhauled a modern car.

Some of the most common modifications to classic cars include:

  • New engine
  • Power steering
  • Computerised controls
  • Paint and bodywork

Whilst it’s not uncommon for many classic cars to have some sort of modification work done, it still needs to be noted on your insurance quote.

Insuring your classic car with Carole Nash

As specialist classic car insurance brokers, when insuring your car with us, you get a range of benefits as standard:

  • UK and EU breakdown recovery, including home start – worth £100 when compared to other providers.
  • Up to £100,000 legal cover – Cover for your legal costs to help you recover a policy excess,
    loss of earnings, hire of another vehicle and compensation for any injuries sustained as a result of an accident that is not your fault
  • Agreed value – If your car is written off following a successful claim, you will receive
    the agreed value (subject to photos and confirmation in writing, excluding Third Party Only cover)
  • Salvage retention rights – If your car is declared a total loss following a claim, you may
    have the option to purchase the remaining salvage of your vehicle
  • EU cover for up to 90 days
  • Club member discounts

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