Australia Finance

Jun 11 2017

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Classic car insurance

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Classic car insurance – What you need to know

Vintage and classic cars are more than just vehicles they are a hobby, a passion, a treasure, which is why they often need specialised classic car insurance policies to protect them against damage and the increased risk of theft.

If your car is classed as a classic then you can often receive reductions in your policy price as:

  • The insurer generally presumes you will be doing less mileage in the car (though you will need to confirm this when you apply).
  • Most people who drive a classic car take care of it and maintain it to a higher standard. They may also store it in a secure location (again you will need to confirm this).

It’s important to note that quotes you get from insurers through will offer standard cover for the car at its current market value (which may be a lot less than its value as a classic), however some of the insurers we compare, do offer specialised classic car policies that cover the car for their true value as a classic (also known as agreed value cover).

If it is agreed value cover you’re after, once you’ve got a quote, speak to your chosen insurer to see if you can add it to your policy. Adding agreed value cover to a policy could increase your premium and may incur additional charges, but can offer a level of cover tailored specifically for your car. Depending on the insurer, you may also be offered the following additional cover options:

  • Breakdown cover
  • Legal protection
  • Laid up cover (for when your vehicle is off the road)
  • EU cover
  • Limited mileage discounts

If you’re under any doubt, make sure to check the small print, including the cover value of your policy before you buy.

What counts as a classic a car?

All pre-1973 cars are exempt from road tax, but many other factors are taken into account when determining if a car is a classic not just its age.

These factors all make the job of predicting future classic cars a difficult business, but if you re interested in potential investments, take a look at our article on 5 future classics .

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