Insuring your classic car

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It is often the case that classic car insurance can sometimes be far less expensive than insuring a regular vehicle. Insurers are believed to take into account the sentimentality that owners attach to their cars as this means they are usually looked after a lot better.

Such cars are not only maintained with greater care in the garage, but they’re driven with greater care on the road. Inevitably, this means that they’re less likely to be involved in an accident because they’re out on the road for less time (assuming, of course, that time on the road is proportionate to rates of accidents). They cost less to insure because insurers expect fewer claims to be made by their owners.

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Insurance policies for classic cars also often comprise a limited mileage use benefit, which means that, if the car spends more time on display in your garage or on your drive than it does on the road – simply because you want to savour every drive – then you’ll be charged less for your insurance because it hasn’t exceeded the mileage limit.

Before insuring your classic car, it is recommended that you get an up to date valuation. It is often the case that classic cars increase in value annually, so it is worth making insurers aware of this prior to purchasing the policy. Despite it costing to get a valuation (some insurers do offer free valuations), when making a claim, you will be assured that your classic motor is fully covered.

Some classic cars are extremely rare, if this is the case then repairs and maintenance can be very expensive. Often replacements parts have to be imported from other parts of the world and this will add to the cost of your insurance if you ever need to claim.

Taking all these things into consideration, it is worth remembering to shop around to find the right car insurance – be it for a classic or a regular car. Premiums can differ hugely depending on company, there are some providers for whom classic insurance is a speciality, and usually they may be able to offer you a better (sometimes cheaper) deal than regular insurance firms.

To find out more about insuring your vehicle, and for further details on car insurance groups and modified car insurance visit Money Supermarket.

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