This article provides general information about the insurance industry and does not describe Hagerty’s specific products or policy terms unless clearly noted.
Congratulations, you’ve got yourself a classic car – now it’s time to insure it and protect your investment. To do so, it’s important to understand the key criteria for classic car cover to ensure your vehicle is eligible for a classic car insurance policy and all the benefits that this entails.
The world of insurance can be a bit of a minefield for most, so we’ve outlined everything you need to know to protect your pride and joy. Here’s what we will cover:
- Understanding if your car qualifies
- Any restrictions or requirements to be aware of
- How to insure your classic car
Understanding if your car qualifies
As far as the UK government is concerned, a car becomes “historic” at 40 years old, but specialist insurers tend to take a different view, recognising that classic car status isn’t just down to age, but factors such as rarity or having an enthusiastic fan base. To be eligible for a classic car insurance policy with Hagerty UK, for example, your vehicle must be at least 15 years old.
The condition of the car will impact its worth, of course, and subsequently how much you can insure it for. Our fully comprehensive insurance policies for classic cars work on an agreed value basis, which means that you and your insurer agree on the value of your car when taking out the policy, and should you need to make a claim for a total loss, then that’s the amount you will receive, instead of a market valuation at the time of the claim. It’s certainly reassuring when you’ve invested time, money, and elbow grease in your classic car.
Our classic car insurance policies are fully comprehensive as standard and can cover vehicles all the way up to £250,000. If your car or collection is worth even more than that, lucky you! You’ll need to speak to our Private Client team, who are specialists in dealing with high-value vehicles and multi-car collections.
Understanding requirements and any restrictions
Classic car insurance policies generally work on the assumption that your classic won’t be a daily driver, and that you have access to a second vehicle for commuting and errands, with your classic being saved for weekend drives, club meets and road trips. In many cases, there’s an annual mileage limit set. For example, with our classic car insurance policies, you can choose coverage from 1,000 to 5,000 miles per year.
Where you store your vehicle overnight is also important and will affect your premium. Generally, overnight storage in a garage is considered safer and less of a risk than keeping your car parked on the road, especially if you live in a high-traffic area.
It’s not just your car’s age or where you store it that impacts eligibility for classic car insurance – your age is very important too. Some insurers will only cover drivers who are aged over 25, providing they meet other requirements. We now provide classic car insurance for drivers who’ve reached their 21st birthday, subject to some restrictions.
How you drive is also key, with restrictions placed on those who have points or a ban on their driving license or an excessive number of fault claims. Typically, if you have points on your licence or have previously been banned from driving, you are deemed ‘higher risk’ and could face paying higher premiums.
How to insure your classic car
Insuring your classic car with us is simple. All our classic car insurance policies are fully comprehensive as standard and include breakdown cover and up to 90 days of European touring cover.
Call our friendly UK-based team on 0333 323 1138 or click to get a quote.
