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Classic Car Insurance

Types Of Cover

 

Any classic car policy is governed under the same Road Traffic Act as an everyday car, which states that Third Party Only Cover (TPO) is the minimum legal level of insurance cover you must have to drive a vehicle on the public highway.

Insurers may also offer Third Party, Fire and Theft Cover (TPFT), but most insurance companies restrict classic car polices to Comprehensive Cover (Comp). This is predominantly due to the value of the car as classic cars often retain their value or increase in value with age if they are well looked after.

A comprehensive policy often also contains the following:

Personal accident cover, although check on the limits and conditions as policies differ significantly.

Medical expenses up to a set limit, often around £100 - £250.

Personal belongings are usually covered that are accidentally lost or damaged whilst in or on the insured vehicle. Again limits are often around £100 - £250. Exclusions often apply to convertibles or restricted to loos or damage whilst the belongings are locked in a glove compartment or boot.

In car entertainment may be included with a set limit often around £500 and exclusions for for convertibles.

Windscreen cover is included on virtually all comprehensive polices.

As with all car insurance policies, there will be exclusions on a classic car policy which include:

All polices will have an excess, which is the first part of a claim that must be paid by the policyholder. When getting a classic car quote, check to see what it is. You may be able to opt for a higher excess in return for a lower premium, or a lower excess if your car has a Thatcham approved security device.

Theft of an unattended vehicle is usually completely excluded unless all doors, windows and sunroofs are closed, the vehicle is locked and the keys removed. In respect of convertibles, insurers often specify that the roof must be raised and secured when the vehicle is unattended.

For some high value vehicles, some insurers require that it is kept in a locked building overnight when at it’s usual address. This exclusion would not apply if the vehicle were in use or temporarily away from home.

It’s always important to be aware of the specific restrictions and exclusions in a policy. When obtaining a quote your should be made aware of these, if in doubt, ask.

Wear and tear, depreciation, mechanical or electrical breakdowns are excluded.

 

Next: Laid-up cover

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