Classic cars are the stars in Berlin
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Classic car owners may be able to qualify for reductions on their policy if they have another “primary vehicle for daily use”. Experts say this proves the more expensive classic car is not being used every day and owners are therefore less likely to claim on their agreement.
They warn usage levels are one of the “main reasons” insurance is often lower for classic vehicles.
Speaking to Express.co.uk, Greg Wilson, spokesperson for QuoteZone said owning a second vehicle is a “key requirement” for many classic insurance providers but they are not “fixed requirements”.
He said: “Although James Bond obviously uses his car on a daily basis for work purposes, a key requirement for most classic car insurance policies is that the vehicle should not be the owner’s main car.
“The owner should have a primary vehicle for daily use, which is insured in their name, insurance providers require this because it’s a form of proof that the classic car won’t be used on a daily basis.
“This could be important because the lower usage level of a classic car is the main reason why premiums tend to be lower.
“Note that for many insurers these aren’t fixed requirements but are simply factors that the insurer uses to assess the policyholder’s level of risk and premium costs.”
Go Compare says specialist classic car insurance policies are important for owners of historic vehicles as these agreements cover more expensive repairs.
They warn replacement parts can be harder to find and can be costly which may not be covered as part of a standard policy.
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Classic car agreements may also include special restoration cover and protection for displaying a car at a vintage show.
Go Compare said insurers recognise older vehicles often have lower speeds and more basic mechanics than modern vehicles.
Go Compare says classic car owners often look after their vehicles more as it is a personal lifestyle choice.
Confused.com warns classic car owners can further reduce costs by making sure it is protected against damage.
Storing a vehicle in a safe area such as a garage and fitting an alarm or tracking device is likely to see costs plummet.
Drivers will also reduce prices by avoiding auto-renewals and cutting down their mileage.
Compare the Market warns says not modifying the vehicle will also stop premiums increasing.
Quotezone spokesman Greg Wilson added: “Classic car insurance typically has lower premiums than standard car insurance, but not all cars can qualify for the title of classic.
“To qualify as a classic, a car typically needs to be at least 15 to 20 years old, and have a certain monetary value.
“A general rule that usually holds true, is that a car could be considered a classic if there’s an owners’ club dedicated to it.
“For older classic cars, there could be some more clearly defined categories and rules.
“For example, cars that were manufactured before 1904 are termed veteran cars and those that were manufactured between 1904 and 1933 are designated vintage cars.”
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