| There are three terms used to describe the cars of yesteryear:
Veteran Cars – manufactured before 1903. Vintage Cars - manufactured between 1903 and 1933. Classic Cars - tend to be at least fifteen years old.
The confusion that surrounds the definition of the third term – ‘classic car' - can make classification difficult when it comes to organising the right insurance policy. This is because the meaning of ‘classic car' can vary depending on the insurer. Usually, the larger insurance companies will not provide ‘classic car' schemes, but will provide the same level of insurance as they do for those who drive a typical car seen on the street every day.
Top tips for getting the best deal
• It is widely reported in the motoring press that classic car insurance is far cheaper than a modern car policy but it is important to be vigilant and well informed.
• The condition and scarcity of a classic can vary dramatically, and an owner's perception as to the value of his beloved car can often be at odds with his insurer's valuation in the event of a claim.
• Search for a specialist insurer, they are more likely to provide specialist assistance and provide a better rate.
• It is vital that you take out a guaranteed agreed valuation when insuring your classic car.
A genuine agreed valuation is the value guaranteed by the insurer should the car be written off or stolen. Make sure you check that your valuation is ‘guaranteed', as some insurers have refused to pay out the full amount, despite the owner believing that they were fully covered.
Insurers usually make a small charge for an agreed valuation, but it can be a false economy to omit it from your policy if the pay-out on your claim turns out to be hundreds, or even thousands, less than you thought.
So, if you are surprised to learn that insurers consider your beloved 1970s Datsun Cherry a classic, make sure you take care when choosing your car insurance policy!
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