Benefits of classic car insurance?

If you own a classic vehicle that will cover very little mileage per annum, it may well be worthwhile investigating whether you would be eligible for a classic car insurance policy, which will almost always work out cheaper than a conventional policy.

There are several specialist classic car insurance providers in the UK . Footman James are one, based in the West Midlands and have a team of over 100 trained staff who can provide advice on your classic car insurance needs. Classic policies are not only generally cheaper than standard policies but most will contain specific features that we will touch upon below;

Most classic car policies will provide “guaranteed values”. This feature is essential when insuring a classic vehicle as often the value of the car will be dependent on the condition, mileage, level of restoration etc, so one man’s MG Midget is going to be worth a lot more than another’s. A standard Insurance policy does not differentiate a vehicles value to this degree and certainly does not offer a guaranteed value.

Any driver cover is also useful for a classic policy, as is roadside recovery cover – yes some older vehicles may not be as reliable as today’s mass-produced models! The trade off for a cheaper insurance policy that actually provides better cover than a standard policy is that all classic car policies come with a restricted mileage clause. This can be from 1,500 miles per annum up to a maximum around 6,000 per annum for most policies. The less miles you do, the cheaper the cover is!

Footman James, the company we mentioned above, also offer a very unique feature. They offer a classic car insurance policy that will cover several vehicles on one policy, with the premium being based on the combined mileage of all vehicles. As they know you can’t drive all of your vehicles at once, they do not charge for on the road cover of vehicles that are securely parked in your garage. The great Sir Stirling Moss O.B.E Insures his cars with them, so can’t be to bad at all!

The value of some classic cars is astounding, for example, an E-Type Jaguar that might have cost a couple of thousand pounds when it was new in 1975 is now being offered at £37,500. There are several companies around who professionally restore classic E-Types, some also Series 3 XJ Jaguars giving them up to date handling and ride systems with improved reliability.