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Car insurance for classic, prestige and sports cars

Sports car, prestige car and classic car owners have one thing in common – they are all passionate about their vehicles. As such, protecting their vehicles is vital – which is why finding suitable car insurance is so important.

Of course the nature of these vehicles means they often require special policies – here we look at the car insurance considerations if you own a classic, prestige or sports car and how to get a value for money deal.

What’s different about insuring a classic, prestige or sports car?

Car insurance serves the same basic purpose no matter what type of vehicle you drive – it is designed to cover the costs of accident related damages and injuries subject to the policy’s terms and conditions. However, premiums for classic, prestige and sports cars are often calculated in different ways based on the unique risks that driving these cars pose.

For example, many sports and prestige cars have large engines to offer more power and generally they are seen as a greater risk because they are more likely to be driven at fast speeds and therefore are more prone to being involved in high impact accidents. The vehicles are also generally more expensive and are therefore subject to higher repair/replacement costs than conventional cars.

Classic cars are actually divided into different categories that are used to assess values, premiums and risks. These are:

- Veterans : Vehicles manufactured up to December 1904.

- Edwardian: Refers to cars manufactured from January 1905-December 1918.

- Vintage: Cars manufactured from December 1918-1933.

- Classic: Cars manufactured pre-1975.

- Cherished: Collectible or rare cars typically five- to 10 years old.

Though many conventional insurance companies have teams in place to deal with insuring these vehicles you may prefer a specialist policy that offers unique incentives designed for the type of car you drive.

What do specialist car insurance companies have to offer?

Among the unique incentives you may enjoy with a specialist car insurer are:

- Agreed valuations: Generally if a car is written off or stolen it is subject to a market valuation. However, this can be risky, particularly with classic and prestige cars because they could be under-valued. That’s why many specialist insurance companies offer agreed valuations so you know from the outset what your car is worth in case of a total loss. With some insurance companies you may even enjoy increasing valuations reflecting the fact that many cars increase in value the older they get.

- Laid-up insurance: If your classic, prestige or sports car is a project then look for laid-up insurance that will cover it against mishaps and theft.

- Rally/track cover: Many car owners like to enter their vehicles into rallies, hill climbs and track races. If you’re planning to do so then you will normally need a specialist deal as these events are not typically covered by conventional insurers.

- Event/hire cover: If you want to rent out your classic or prestige car for special events then look for specific cover.

It’s not just about additional cover, however – specialists may also be able to save you money with discounts such as:

- Advanced driving course discounts: Some specialists offer premium reductions if you complete an advanced driving course such as the Pass Plus or IAM.

- Limited mileage discounts: Many prestige, classic and sports car owners also own a conventional car for run-arounds. As such, they may benefit from agreeing to a mileage cap because the fewer miles you drive the less likely you are to be involved in an accident.

- Owners’ club discounts: Often drivers that are members of owners’ or manufacturers’ clubs are deemed more likely to take care of their vehicles and they may be eligible for discounts.

Are there other ways to save?

While specialists can offer incentives that you might not find elsewhere, don’t automatically assume that they are the cheapest. You should still shop around with a comparison website and compare the rates and policy features available from conventional companies as well as specialists to ensure you’re receiving value for money. In addition, don’t forget the following ways to save:

- Boost security: You can reduce the risk of car theft with insurer-recommended car alarms, immobilisers and tracking devices. There may also be discounts available for parking your car in a garage overnight.

- Choose the right level of cover: Don’t pay for policy options you don’t need – for example, don’t pay for “business” use of a vehicle if you only use it for social purposes.

- Increase excess: Increasing your voluntary excess will usually lower premiums but be careful to keep it at a level you can comfortably afford.

- Limit named drivers: Be careful who you add to your policy as a named driver – inexperienced drivers may cause your premiums to rise.

- Pay annually: Some insurance companies charge interest on monthly payments so consider paying your premiums upfront.

ARTICLES

Car insurance for classic, prestige and sports cars
Sports car, prestige car and classic car owners have one thing in common - they are all passionate about their vehicles. As such, protecting their vehicles is vital - which is why finding suitable car insurance is so important.
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