Car enthusiasts will be the first to tell you that classic cars are so much more than their age – they’re a piece of automotive history. Owning a classic car in the UK means bearing the responsibility of ensuring its preservation. Tailored to the unique needs of vintage vehicles, classic car insurance offers protection and peace of mind for automobile owners looking to keep their classic cars in tip-top shape.
Buckle up, because in this comprehensive guide, we’re taking a trip to understand the world of classic cars. From the nuances of their classification to the details of their insurance coverage, we’ll debunk the costs associated with classic car insurance versus standard policies, offering clear insights for enthusiasts and owners alike.
What Makes a Car ‘Classic’ in the UK
In the UK, defining a car as a ‘classic’ transcends mere age. While HMRC sets the threshold at 15 years, with a minimum worth of £15,000, enthusiasts often consider 30 to 40 years as the true mark.
Yet, it’s not just about the number of years a car has collected; a classic car embodies a blend of unique design, distinctive features and rich historical value. This rich heritage often paves the way for classic cars to take on affordable insurance options. Owners of these timeless beauties benefit from specialised vintage car insurance, reflecting the extraordinary nature of their prized possessions.
Why Do Classic Cars Need Insurance?
Classic cars, despite the unique charm and value that drivers of all ages can recognise, require insurance just like any modern vehicle. This is essential because owning a classic car involves the same risks associated with driving any other car.
We understand that your classic car may not be your daily driver. You may even limit it to drives in the summer – we get it! That’s why we offer temporary car insurance policies. These flexible policies allow owners to insure their classic cars only when they’re in use, so you can look forward to savings when your car is parked for a season or two.
To keep a classic car uninsured, it must be declared off-road with a Statutory Off Road Notification (SORN). This way, it’s easy to not pay for insurance when your classic car isn’t being driven, making temporary insurance the most practical option for when you do want to take it to the streets.
When does a car become classic for insurance?
A car typically becomes eligible for classic car insurance when it’s between 15 and 20 years old. However, many insurers consider a vehicle ‘classic’ if it’s over 20 years old and less than 40 years old.
This classification is important for insurance purposes because classic cars often have different insurance requirements and benefits compared to more modern vehicles. For example, classic cars aren’t usually driven as often and are typically well-maintained, which can lead to lower insurance premiums.
Insurers consider factors like the car’s condition, mileage (often below 5,000 miles per year) and historical significance in determining its classic status.
What Does Classic Car Insurance Cover?
Classic car insurance usually provides comprehensive coverage, which ensures protection against a range of risks. This could include things like third-party damages, theft and fire – similar to what you’d see on standard car insurance policies. Many classic car insurance policies include a key feature known as ‘agreed value insurance,’ which guarantees that the car’s value is established and secured in advance, offering clear financial protection.
Additionally, classic car insurance policies might even include special provisions for events and car show participation, catering to the lifestyle of classic car enthusiasts. If you’ve ever been to a car show, you’ll understand the contentment that the owners of such nice cars have, knowing their car is insured against any mishaps at the show.
Many classic car insurance policies additionally provide coverage for accidental damage and spare parts, addressing specific concerns of classic car owners and extending peace of mind.
Are classic cars cheaper to insure?
Classic cars are often cheaper to insure compared to modern vehicles. This is pretty much because classic cars, which are typically covered under vintage car insurance, are consistently well-maintained, driven less often and stored securely for significant periods throughout the year.
Insurers consider everything that could lead to potentially lower risk and, consequently, lower premiums. However, the final cost of old car insurance can vary based on things like the car’s age, model and usage. Temporary car insurance can be a more economical option for vintage vehicle owners who tend to store their vehicles throughout the year.
Key Benefits of Classic Car Insurance
Classic car insurance offers a range of advantages tailored to the vintage nature of these exceptional vehicles. The key benefits of classic car insurance include:
- Lower premiums: Classic car insurance typically costs less than standard car insurance because these cars tend to have lower mileage and better maintenance.
- Agreed value coverage: The car’s value is set and agreed upon at the start of the policy, providing clarity in case of a total loss.
- Specialised coverage: Tailored specifically for the unique needs of classic cars, covering things like original parts and special modifications.
- Breakdown and recovery: Often includes comprehensive breakdown coverage, sometimes extending across Europe – road trip, anyone?
- Flexibility: Policies can be customised for a vehicle’s specific usage, storage conditions and mileage caps, offering versatility for owners.
These benefits reflect the special relationship owners have with their classic cars, ensuring both the vehicle and the investment are well-protected.
Temporary Classic Car Insurance with Veygo
For classic car owners looking for adaptable coverage, temporary classic car insurance offers a flexible solution for whenever coverage is needed.
At Veygo, we specialise in temporary car insurance to offer our clients coverage for vehicles up to 40 years old. This type of insurance is perfect for those who may not need year-round coverage but still need protection for the occasional drive, event or trip around the block.
Our offerings allow classic car owners to revel in their vehicles with insurance coverage ranging from 1 hour to 60 days, meaning drivers will be fully insured only when they need to be. This modern approach to auto insurance aligns perfectly with the sporadic usage that’s quite common for classic cars.
Classic Cars to Insure with Veygo
Veygo caters to a diverse range of incredible classic cars up to 40 years old. Our portfolio includes:
- Volkswagen Golf GX (1978): A practical, small car with a 1.5L engine.
- Volkswagen Golf Driver (1983-1992): Known for sporty handling with a 1.6L engine.
- Volkswagen Golf GTI 8V (1984-1992): A high-performance variant with a 1.8L engine.
- Alfa Romero Alfasud TI S (1978): Italian styling with a 1.5 Boxer engine.
- Ford Fiesta L (1978): A compact urban car with a 1.9L engine.
- Mercedes 280 CE (1972-1985): A luxury coupe with a 2.8L engine.
- Datsun Cherry GL (1978): An affordable small car with a 1.2L engine.
- Rolls-Royce Silver Spirit (1980-1999): Epitome of luxury with a 6.75L V8 engine.
- Land Rover 88 Hardtop (1954): A rugged utility vehicle for diverse terrains.
Our commitment to the upkeep of these classic cars is highlighted by our flexible insurance solutions. We ensure that each unique vehicle has the coverage it needs, providing owners with essential peace of mind.
Classic Car M.O.T Requirements: What You Need to Know
Every classic car owner needs to pass an M.O.T (Ministry of Transport) test to confirm vehicle safety and make sure the exhaust emissions meet environmental standards. Classic cars over 40 years old are exempt from annual M.O.T testing, provided the car has been well-kept and has not been extremely modified. This exemption acknowledges that these vehicles are not used all of the time and would naturally fall under the annual emissions standard.
Regular maintenance is crucial for the general up-keep of classic cars, even without the M.O.T. If your M.O.T status expires, it could invalidate your insurance. Explore our complete guide to M.O.T and vehicle maintenance for a more detailed look at what you need to know.
Having insurance for your classic car is just as important as keeping it maintained. There are many benefits car enthusiasts can enjoy from vintage car insurance, like lower premiums and specialised coverage.
Remember, driving without insurance could result in penalties, including fixed fines and penalty points. For learner drivers, accumulating penalty points could seriously impact the future of their driving, leading to licence suspension. Whether you’re a learner driver, classic car owner or considering driving someone else’s car, having the right insurance coverage will keep you insured no matter what happens on the open road.
Looking for temporary insurance? Learn more about how we can help!