We explain the key features of classic car insurance including whether its cheaper than standard insurance as well as other benefits.
Owning a vintage or classic car is an exciting experience. They aren't just vehicles but cherished investments, often steeped in personal memories and cultural significance. That's why standard car insurance policies often fall short of providing the specific classic car insurance cover you need.
What is classic car insurance?
Classic car insurance is a specialist type of motor insurance designed specifically for vintage and classic vehicles. Unlike a standard car insurance policy, which typically depreciates a vehicle's value over time, classic car insurance recognises and protects the appreciating or stable value of these unique automobiles.
So, how old does a car have to be for classic insurance in Ireland? While definitions can vary slightly between insurers, a general guideline applies:
- Vintage Car: Refers to a car that is 30 years past its first date of registration.
- Classic Car: Usually also 30 years but sometimes insurers will classify cars closer to 20 years past its first date of registration as classic.
The precise age can sometimes depend on the specific classic car club or insurer's criteria. What is considered a classic car often extends beyond just age to include rarity, condition and how it is used.
Is classic car insurance cheaper in Ireland?
This is a common question, and the answer is often "yes!" Classic car insurance can indeed be cheaper in Ireland than a standard policy for a modern vehicle and often significantly so. Several factors contribute to a lower premium:
- Limited Mileage: Classic cars are typically driven for pleasure, car shows or club events and not daily commuting. Insurers recognise this limited mileage which reduces the risk of accidents.
- Careful Owners: Classic car enthusiasts tend to be meticulous, responsible drivers who take excellent care of their vehicles, often garaging them securely. This lowers the perceived risk for the insurer.
- Agreed Value: Many classic car policies offer 'agreed value' cover meaning you and the insurer agree on the car's value before the policy starts. This prevents disputes over depreciation if a claim occurs, offering peace of mind.
- Lower Accident Risk: Due to their infrequent use and careful driving, these vehicles are less likely to be involved in accidents compared to everyday cars.
It's important to differentiate: is car insurance higher for older cars in general? Yes, for standard older cars (like a 10-year-old family saloon) that might lack modern safety features or have higher repair costs, insurance can be higher. However, specialist classic car insurance for genuinely vintage or classic vehicles is a different product entirely that reflects their unique usage and owner profile.
Key features of classic car insurance policies
A specialist classic car insurance policy offers bespoke features designed to protect your unique vehicle:
Agreed Value Coverage
As mentioned, this is paramount for classic cars. It ensures that in the event of a total loss, you receive the pre-agreed market value of your vehicle, not a depreciated amount.
Limited Mileage Options
Most policies offer options to limit your annual mileage which can result in a lower premium. This suits the nature of classic car ownership where vehicles are typically driven only occasionally.
Specialist Breakdown Cover
Given the age of these vehicles, specialist breakdown cover is often included or available, providing assistance from technicians familiar with older motor vehicles.
Salvage Retention
In the unfortunate event of a total loss, some policies allow you to retain the salvage of your vehicle, which can be important for preserving parts or sentimental value.
Lay-Up Cover
For vehicles stored during off-seasons, 'lay-up' or 'laid-up' cover provides protection against theft, fire, and other non-driving risks while the car is not in use.
Multi-Vehicle Policies
If you're a serious car enthusiast with a collection, many insurers offer multi-vehicle policies that can cover several classic cars under one convenient insurance policy, often with a discount.
Cover for Car Shows & Events
Protection is typically extended to cover your vehicle while it's displayed at car shows, rallies and other classic vehicle events.
Beyond these specialist features, you can still choose from traditional levels of insurance cover: Third Party, Third Party Fire and Theft, and Comprehensive Cover, tailored to your classic vehicle.
Who insures classic cars in Ireland? (and finding the best policy)
You might wonder, "Who insures classic cars in Ireland?" or "Who is the best classic car insurance company?" While some mainstream insurance companies might offer basic cover, specialist classic car insurers or brokers are usually the best choice. They understand the nuances of classic ownership and can provide the right insurance for your unique needs.
While we are not currently partnered with any classic or vintage car insurance providers, we do hope to bring this product to you sooner rather than later. In the meantime, we are here to make sure you stay informed and ready to get the best cover possible.
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