Antique Car Insurance
Antique Car Insurance
Antique cars fall into this category if they are over 25 or 30 years old. These cars are usually known to be highly valuable due to them being rare and having an historical significance. Having a specialised antique car insurance, will ensure that these vehicles are covered for their value.
Anique car insurance works differently than regular car insurance due to the value of the car and how it’s calculated. Insurance companies look at a thing called agreed value, rather than the cars market value because antique vehicles increase in value overtime. This works whether the insurance company and the owner agree on the vehicles value at the beginning of the policy. This means that if the antique car is damaged or a total loss then the owner will receive the agreed amount which was set at the start of the policy. Owners of antique vehicles don’t tend to use these vehicles often due to their rarity. These vehicles are often only used for special events, weddings or classic car roadshows. Insurance companies often tend to offer lower premiums for antique car due to their reduced mileage lower risk. The best way to keep your insurance policy low is to consider extra security solutions to keep the vehicle safe from damage and theft. Keeping the vehicle locked in a secure garage will help to lower risks, leading to cheaper insurance premiums.
Antique Car Insurance
Repairing antique cars require specialist, manufacturer parts which are often difficult to source. Not only are the repairs expensive, you will need to find someone who is trained and skilled to be able to work on antique vehicles. This can lead to increased labour costs and pricey parts increasing insurance premiums. However, most antique insurance policies will include cover for these specialist repairs to ensure the vehicle is restored and maintained correctly. Antique car insurance policies can also include additional tailored cover, restoration, and even transport to car shows as an added benefit. Therefore, having a specialist insurance policy just for antique cars is perfect for owners who would want the best protection for their investment.
Insurance companies often want to see that the car is driven responsibly and maintained correctly. Someone who has a good driving history with lots of experience is often seen as a lower risk compared to those who are younger or have had driving offences. Some antique car owner can even reduce their insurance premiums by keeping the overall mileage low on the vehicle and keeping it in good condition. Joining a classic car club can also help owners to gain access to exclusive benefits and discounts to help lower insurance costs too.
At Arkwright, we help antique car owners with insurance policies tailored to meet the specific needs of the age and value of their vehicle. We offer bespoke classic car cover for limited use, and specialist repair protection for all your vehicle needs. We can help you to understand the different types of insurance policies to protect your vehicle as well as keeping the costs affordable.