Classic Car Insurance - What Is It?
Well, Classic Car Insurance is a speciality category of car insurance that is designed for cars that can be classified as "classic". The benefits are lower premiums.

So, Is Your Car A Classic Car?
A classic car is normally a road car that is at least 10 years old and normally a lot older. Whether your car can be classified as a classic car will depend upon its intend use, amount of annual mileage and any special features or a car manufactured in limited numbers, i.e. normally not a mass-produced car.

Standard car insurance is calculated on a number of factors. One being the depreciating value of your car. As the car gets older it becomes less costly to replace it and subsequently the premiums are adjusted accordingly. This means if you have an accident which requires your car to be "written off" and not repaired, the insurer will value your vehicle on current market values and pay you an amount it deems to be a fair and just settlement.

Classic Cars however actually appreciate in value over time and so traditional insurance would not be suitable as should you lose or damage your classic care beyond repair, standard car insurance would pay you far less than what the car should be worth.

Classic cars can take more time to repair as they require specialist parts that are not always readily available and your classic car could be off the road for a considerable period of time. Some classic car insurers will reduce your premiums during this "off road" time. This is known as "laid up time" and a discount will be given to you upon proof from the repairers that your classic car is off the road and will be for some time.

Some Classic car insurers will guarantee the valuation of your classic car and certified in advance. This means that Classic Car Policyholders will receive the FULL value of their Classic Car less the standard policy excess. Many Classic Car Insurance companies will render their agreed valuation clause as worthless by using clever get out clauses which forces the policy holder to accept their estimate of the classic car market value which will contradict the true value. It is important for you to read the small print of the determination of the Agreed Valuation Clause.

You Classic Car is your prized possession so if in doubt consult a solicitor before accepting a policy so as to avoid heartache later on. It would be worth £500 to see a solicitor to be sure of the contract you are accepting and save thousands if your car is damaged beyond repair and you find out that the Classic Car insurer is not going to pay what you expect. Naturally, this all depends upon your overall valuation of your classic car and if it is under £5,000 you may think this extra expense unnecessary, but some classic cars are valued at £100,000 plus.

Another element of cover you can obtain with Classic Car insurance is the loss of your property and personal effects that are stolen from an open top car, which most other insurers exclude.

Owning and driving a classic car is so often a dream come true. For those of you who are fortunate enough to possess a classic car, or even a collection of classic cars and motor bikes, it is particularly important to make sure that you are adequately insured and very clear about your cover and what you are not covered for as well.

Many Classic cars are used to participate in car enthusiast rallies, track days and special events. As an owner you need to be sure that your policy extends cover to every aspect of your activity and that the cover sufficiently covers the increasing value of your classic car and prized possessions. Comprehensive classic car insurance can provide you with that peace of mind.

I Am A Collector Of Several Classic Cars, What Can I Do?
Fortunate individuals like yourself that have more than one classic car or vehicles can obtain Collectors Polices which will provide you with comprehensive cover for all your vehicles and even provide cover for when you acquire a new car automatically.

Some insurers provide bespoke classic collectors cars policies and they understand your needs. The primary benefit of such a policy is versatility as you normally pay one premium at the inception of your cover based on the number and type of vehicles you possess in your collection. Any new acquisitions are automatically covered without additional premium during the year. Cover can also be provided should you borrow any car or lease or hire naturally you should always inform the insurer of the details of these new cars and vehicles you intend to drive so as to put that vehicle on risk.

Some other features of classic car insurance that are worth looking for:

• Free Green Card for European cover
• Free Breakdown and Recovery Service in the UK and sometimes Europe
• Mileage options from as low as 1,500 to 10,000
  (12,000 miles per year is considered average for a standard car)
• Rally cover
• Track Day cover
• Policies for Multiple car collectors
• Cover for Weddings hire

Discounts can also be offered for Classic Car Owners:

• For Vintage Vehicles
• Car Enthusiast Club Membership
• IAM (Institute of Advanced Drivers Membership)
• Vehicles that are over 30 years old
• Multiple Car Policies
• Include your standard day-to-day car as well
• Older, more experienced drivers. See Over 50's Car Insurance.
• Full NCD (No Claims Discount)

Classic Cars are not normally used every day and they are kept for special occasions or events or for the occasional pleasure drive, if your car qualifies for classic car insurance then you should look carefully at the options available to you and read the small print before you make a commitment.

The Internet has provided specialist insurance companies to provide detailed websites offering classic car insurance online and sometimes even offering a discount. It pays to shop around and print off the policy summaries before you make a decision as to protect your prized possessions such as your classic car merits your full attention to detail and comprehension.