If you’ve just bought your first classic car you will need to consider not just where, but also how you are going to insure it under a classic car insurance policy.

Will Classic Car insurance cover you?

One way to establish this is to phone a classic car insurance brokers and enquire.

What might be easily covered with one provider may be excluded by another. Fortunately most online classic car cover providers provide this information on the first page of their websites, so it is fairly easy to surf around and check your eligibility with different insurance companies.

The major variation between a standard policy and those offered by the classic car specialists is in the way that you use your classic vehicle, and in particular, how much you drive it.

The large mainstream insurers and price comparison sites will offer cover for older cars but will charge an additional premium because of its age. More importantly you will only be offered the current market value replacement if the car is covered under a mainstream policy and is deemed to be a write-off when you claim.

You will also probably not be offered the salvage and a repairable classic car may often be deemed a write-off because the cost of repair is uneconomic to the Insurer.

If you purchase a specialist classic car policy you will be offered a choice of either an agreed valuation of the classic cars worth or a policy based on market value.

An agreed valuation amount is the amount that the insurance company will pay out in the event of a claim that results in a write off. This is a major benefit of insuring classics under specialist policies because it ensures that you are not just properly covered but will also receive the specialist repair services that your classic will require should you claim.

It should be noted that even agreed valuation polices can change and you should ensure that the value is guaranteed for a certain period of time to avoid fluctuations in market values.

The lifestyle factor is more predominant in the calculation and issuing of policies for classic cars than in any other form of specialist motor underwriting.

Classic car insurance policies are now based primarily upon usage limits and consequently tend to reflect the fact that classic cars are used differently than a normal everyday car, although the all types of use will still apply.

Types of Use
1. social, domestic, pleasure

2. business and commuting

3. for hire and racing

Many a beloved classic motor will stay under wraps in the garage for many a month and is only brought out and paraded for special occasions and events.

Most specialist motor underwriters therefore appreciate that you may need a more tailored and flexible type of car insurance for a classic car, one that allows you to fit the policy around what is effectively your lifestyle risk. Your risk levels are calculated upon the way you use the classic car and the number of miles distance you cover in that car each year.

Classic Car insurance polices are therefore tailored to the needs of cars considered to be collectable and effectively the valuation is a rating factor for the condition of the car.

However the introduction of many classic car insurance comparison websites on the Internet means that premium levels can no longer be ignored and that customers now rightly demand service and cover for their specialist car insurance lifestyle vagaries, at the right price.

It is now possible to obtain tailored online cover for even the most obscure car marque and the introduction of online underwriting has introduced a welcome level of competition into what had become a stagnant market. Group and affinity market buying power has also helped stimulate growth and push premium prices down through bulk buying power schemes. Whatever aspirations you may hold as a classic car owner it appears that with technology you are more increasingly likely to be judged financially by your lifestyle than its trappings that you must insure.

The Internet has made it very easy to get classic car insurance quotes that were previously only available from specialist car insurance brokers on the high street.

You can find car insurers offering bespoke schemes for your particular classic by searching for your model type e.g BMW classic car insurance.

To compare classic car insurance quotes online visit the UK’s leading classic car insurance specialists or call 0800 089 0182