Car insurance costs are increasing, but you may not pay as much if you cover a vintage vehicle.
The average annual cost of car insurance in the last quarter of 2024 was 621 British pounds, according to the Association of British Insurers.
The figure is 15% annually “against the background of the total payment of claims, which were 17% higher in 2024.”
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But as for the premiums of the classic car market, there is a lot of difference.
When does the car become a classic?
There is no “final answer” when the car becomes a classic, the comparative market said, with some thinking that it is based on “eternal design and technological or nostalgic value”.
If you use the date of exemption from a car tax since 1984 as a break, then every car over 40 is classic “even if it is not very desirable,” the website said.
HMRC believes that the car is classic when it is over 15 years old and has a market value of over 15,000 British pounds, Howden Insurance said, but some insurers may require the car to be 25 or 30 years old Insurance. “
The classic car “can be anything from Aston Martin or Porsche Vintage to any car brand that has been older than 15 years,” USWitch said, so you can drive one “without even knowing it.”
Most classic car policies start after the car is at least 20 years old, Carwow said, and they are “usually much more expensive than you would expect.”
How much is the classic car insurance?
Classic coverage of cars is often cheaper than the standard insurance policy, Go.comPare said, as the vintage vehicles are usually “well maintained, stored safely and less frequently driven”.
These policies are for drivers who use older cars, “rarely and mainly for” free time “, said MoneysAwingexpert, so they won’t cover you for” school running or daily journey “.
As with standard car insurance, you can get a third party, fire and third -party theft and a completely complete coverage.
Classic car policies will also ask for an agreed assessment, which is said? -This is a “pre -agreed amount” your insurer pays if your car is declared a common loss.
There is also a cheaper “coverage” covering vintage vehicles that no longer move along the road, but still require damage, fire and theft insurance.
How to reduce the price of classic car insurance
Like all insurance, Hauden said, “no one amount for all costs” for classical car insurance.
Premium costs will depend on the value, age and history of your claims.
Classic cars will not have the same security features as a modern vehicle, the USWitch added, so installing an alarm or immobilizer will improve security, but “check with your insurer what an impact will have on your premium.”
General Car insurance “Tips and Tips”, such as keeping the car in your garage and reducing the mileage, “can also be applicable to classic car insurance,” said MoneysavePPERT, adding that joining a car club can “knock down to 25% discount on your insurance “.
Membership at the Automobile Club is seen as proof of your “commitment to take good care of your car,” Go.comPare said.
Some insurers may require owners to keep the car in a garage or limit the mileage, but “despite these warnings,” said SlashGear, premiums can be a “deal” compared to regular insurance.
