Savings On Classic Car Insurance
The great love of my life is a Lotus Elan M100. It provides much pleasure at weekends as it is stylish, a striking deep blue colour and handles well.
As a new classic car owner, finding the right classic car insurance was tricky so I would like to share a few tips.
There are key points to consider in relation to making a saving and reducing the cost. Some policies also cover maintenance costs and discounts can be found that are as much as 25%.
Is Your Vehicle A Classic Car?
In the UK the definition is not fixed and consequently it can vary, depending on the insurance company. Cars constructed before 1st January 1973 are exempted from the road tax duty, and categorised as “historic vehicles”. The Inland Revenue regards a classic car as one that has a value of over £15,000, and is over 15 years old. In addition to this, the car should not be one that you ordinarily use for transportation.
Cars as young as 5 years old have been insured as classic vehicles, in certain circumstances.
Obtaining a Discount
- Discounts are usually available if you are a senior citizen. These can be up to 15%.
- If you already have house or other insurance with a particular company, they may provide a discount to encourage you to keep all your insuring needs with them.
- Look for agreed value cover. If you take insurance which only pays the market value, in the event of a total loss you could be in for an unpleasant surprise when you claim. If you have an agreed value cover policy you will be able to recover the true value of the vehicle.
- You can obtain a saving with a low mileage discount. This is usually available where the yearly mileage is under 1,500 miles.
- If you are a member of a classic car owners club that is recognised by the insurer, it is possible to receive discounts of up 15%.
- Laid up cover is relevant when the vehicle has to be off the road. This could be for restoration work, or in the winter you may wish to keep the vehicle garaged. The discount available reflects that the car is not driven all year but covers you for theft, fire or accidental damage.
Keep these points in mind to find classic car insurance deals at the right price.
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