the Classic Car Insurance Market

Assuming that old cars equalled unreliable and dangerous they overlooked some simple facts relating to cars and their owners. Yes, classic cars may need a little more maintenance than those straight off the production line, but for classic car owners this is nearly always part of the joy of owning them.

Possibly classic cars may be more liable to breakdown and need recovery services - but then few car owners use them for the daily commute or to nip to the shops in. Finally, classic vehicles may well be more expensive and increase in value unlike modern makes, but their owners are fully aware of this fact and are inclined to take security measures seriously.
 the Classic Car Insurance Market

Owners Attitudes

Luckily a range of specialist insurers did realise that these factors make classic motor insurance a viable risk. Accepting that the nature of classic car ownership tends to mean only occasional use, excellent maintenance standards and a pro-active attitude to security, a new range of specialist car insurer entered the market. The traditional mainstream insurance companies tend to notice when part of their market is eroded, the result being that today many now have specialist departments that cater to this niche market.

Special Circumstances

This, of course, has been good news for those seeking classic motor insurance. Not only recognising the fact that they tend to be good drivers and look after their car, but insures are now familiar with tailoring insurance policies to the specific needs of classic car owners and offer competitive car insurance.

Specific factors to check when comparing quotes from both specialist and mainstream providers should include:

Valuations: agreed at the outset and reviewable as your car is more likely to increase in value than devalue.
Rally and other event coverage: check if the policy includes this if you take part in events or rallies.
Suspension or 'laid up' periods: most classic car insurance policies should include some flexibility to cover the fact that your use of the car on-road is likely to be seasonal. Remember you need to make a statutory off road notification if you have the car off the road.

Monitoring the Market

With a wider range of insurers recognising the specifics of classic car insurance and a highly competitive market in the insurance industry in general it's now possible to find excellent value for money in the car insurance market.

Comparison sites will often include a number of specialist areas including classic insurance and should be thoroughly checked for the best deals available. As with any comparison shopping for insurance you should also consider regular reviews of the offers available on the market.