We often hear about auto insurance which protects the cars from any possible accidents. When it comes to classic cars, the proud owner needs to pay extra attention to their costly car. However, classic car insurance is not as expensive as modern cars these days. In case you drive your classic car as your daily transportation, your car must be insured since it is taxed.
On the other hand, if you do not drive your car and make it as your collection only, you are suggested to apply Statutory Off-Road Notification. As the consequence, insurance and road tax no longer apply then. In case you only drive your classic car at the certain time, you still need to insure it. If you still have no idea about it, let us some of the frequently asked questions below to give you more insight and understanding.
How to Classify Whether or Not a Car Is a Classic?
There is no exact classification basically. For tax purposes, your car is categorized classic if it is more than 20 years old and worth more than £15,000. However, you need to discuss this with the insurer to avoid any misunderstanding and disappointment after you sign up. It can also determine the level of the classic car insurance.
How Much Should I Pay?
Each insurer has their own number and therefore, one of the best alternatives to get the most suitable one is by comparing the price. You do not have to ask the insurers here and there. You can use MoneySupermarket.com for a price comparison.
What Is the Coverage?
There are some significant differences you need to be aware of. Firstly, you can get the right and exact valuation from an approved and recognized industry expert before dealing with the policy. It intends to make you get the right payout. As we know that the value of the classic car is changeable from time to time, ask your insurer if they can update the agreed value or not. Besides, you are also highly recommended to check the replacement parts policy. Why is it so? If your car has a high value, you must insist on authentic replacement parts, right?
Another thing is that you need to check the maximum mileage. The limit is commonly around 7,500 miles and therefore, check what will happen if you go beyond the limit given in a year. If you often use your classic car for shows or rallies, check whether or not you are covered. In case your classic car is hired from weddings, ask if there is any coverage for it or not.
How About Classic Car Insurance for Young Drivers?
Although a classic car is identical to the old enthusiast, young drivers might also drive this kind of car. For young drivers, it might be a bit hard to find the affordable cover. It is commonly caused by the stereotype that young drivers are riskier than old ones. To cope with this, find the most profitable deal that provides you with suitable level.
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