So you’ve finally got that ideal car you’ve been lusting after since your 11th birthday, but unfortunately we do not live an ideal world and accidents can happen. Although damage or loss of your treasured classic can be heartbreaking a good car insurance policy can do a lot to ease the pain.
When searching for classic car insurance there are many things to keep in mind. Sometimes the cheapest cover may be enough to get your car on the road, but it will not necessarily offer you the best protection if something were to happen.
The unusual thing about classic cars is that unlike modern cars which devalue, classic cars hold their value and can even increase in price. The best way to deal with this anomaly is by an agreed valuation. By agreeing upon a genuine value for your classic with the insurer, you are ensuring that this will be the value you will receive if your car is stolen or damaged beyond repair. Although many insurance companies will charge a fee for an official valuation it could prove to be invaluable in the long run. Most valuations are valid for three years, which allows for fluctuations in price meaning that the full value of your car is accurately represented by the payout you will receive from the insurance company should the worst happen.
It is also worth taking into account any salvage rights that you have over the car if it is deemed a write-off. Some insurance companies will not allow you to salvage any spares from the written-off vehicle and some will. This is an important clause that owners of more rare examples of motoring heritage should look into. Salvage rights are not normally advertised on insurer’s websites but a quick phone call can put your mind at rest.
This is an excellent way of reducing car insurance costs. As most people have a classic as a second car, the amount of mileage covered per year is often far less than the daily run-about. This reduction in mileage can lead so some significant insurance savings depending on how many miles you drive.
There are some insurance companies that tailor to specific groups. Women for example can go to a Insurance company that only insures women such as Ladyinsure or Diamond. These companies can offer substantial savings to women drivers.
If You own a modified car then there are certain insurance companies who specialize in non-standard or tuned cars, with a bit of research owning and driving a road/race tuned car doesn't have to cost an arm and a leg.
What about the future of classic insurance? Well a new scheme called “pay-as-you-drive” may be the way forward. In essence it is a little black box tucked away in the boot of the car. This box of tricks then tracks the usage of your car via satellite and based upon where, when and how far you drive will produce a monthly premium. This system is currently under an 18 month trial by Norwich Union, who are hoping to introduce the scheme in as little as two years time.
But as it stands car insurance is the same as it ever was, and you will still end up shopping around for the best deal. The internet has greatly reduced the once time consuming task to a visit to just a few web sites, some which claim to search through a number of insurers for the best deal around. Although this is not always the case and it is always best to shop around yourself, you could make some considerable savings. Although cheap cover doesn’t always mean good cover, so shop smart.