News
What Is A Classic Car Insurance Policy?
Author: Lancaster Insurance Services - 09/12/2011
At Lancaster Insurance one of the most frequently asked questions we get asked is when and how does a vehicle become suitable for a Classic policy?
There is no straight forward answer as it is dependent on many different factors;
- Classification – Simply the age of a vehicle. ‘Vintage Cars’ are usually defined as having been built between 1919 and 1930. ‘Historic Cars’ are described as vehicles built before 1973 and are also exempt of road tax. The most disputed category is ‘Classic Car’, but is generally considered as a vehicle over 20 years old. Lancaster may also be able to insure more modern types of vehicles (dependant on vehicle type) on an enthusiast policy.
- Car Grouping – This is a rating system which is determined by various factors such as value, performance, security, parts availability etc. Basically the higher the rating the higher your premium is likely to be.
- Who’s Driving – Your premium can go up the more drivers you include, especially if any of the named drivers are considered young drivers (under 25) or aged over 70. In addition if any of your drivers have claims or convictions this can also affect the premium.
- Residential address – Premiums are influenced by your postcode region, living in an urban area is likely to increase the cost.
- Annual Mileage – Lancaster’s classic car insurance schemes can be tailored to meet various annual mileage requirements. By keeping your car garaged and off the road for winter or restoring it you won’t be adding any miles to the clock. You could therefore opt for a laid up policy. Dependant on the scheme and insurer, the less miles you drive the lower your premium could be.
- Vehicle Value – In general the greater your vehicles value the higher the insurance premium, although it can be dependent on other factors. For example, if a new driver aged 17 has a £500 Fiesta they could pay more than an experienced driver aged 50 with a £5,000 MG. Lancaster Insurance also appreciates that your lovingly restored Classic vehicle is often worth more than market value so we can offer an Agreed Value (additional charge payable).
- Storage and Security – Keeping your vehicle as secure as possible can keep your premium down. Having an authorised security system such as one registered by Thatcham (www.thatcham.org/security) and keeping it in the garage can help to reduce you overall premium. Be aware that any modifications made to your car can make it more attractive to thieves and this can increase your premium.
- No claims discount / Claims history – Generally classic insurance policies do not use, lose or accrue no claims discount. With a classic insurance policy you may be able to get a good driving discount of up to 65%, calculated on your claims history. This discount is not transferable to non-Lancaster policies.
- Voluntary excess – Dependant on policy, vehicle and claims you may have a compulsory excess. This is the amount you have to pay in the event of a claim, however if you agree to pay an additional voluntary excess it can reduce your premium. This means that you pay the total of compulsory and voluntary excess together if you make a claim.
Due to the number of variants involved in determining a Classic Insurance policy it isn’t always easy or simple to just compare premiums when arranging your cover.
:: READ MORE NEWS ARTICLES
These articles were brought to you by Lancaster Insurance –
Call them now for a quote on 01480 484848, or get a quote online click here
|
