You have just bought your first classic car for £10,000 but it will require another £5,000 spent on it to restore it to its former glory and make it roadworthy. The project is going to take around twelve months to complete. You wish to know whether you need to insure the car?
Legally, if the car is not parked on a public road and the vehicle is declared SORN (Statutory Off Road Notification), you do not need to insure it but that is perhaps a little short sighted and not the sensible thing to do. If you do not declare the car SORN and have no classic car insurance then under the “Continuous Insurance Entitlement Scheme” you could receive a fine.
Well, if you take out Laid Up classic car insurance this policy will provide cover in the event of theft or fire to your new purchase as long as the vehicle is garaged and is declared SORN. In addition to the vehicle being covered the insurer will often also insure the car’s accessories and any spare parts that, as you well know, can be quite expensive.
In addition, if you were having the car transported to have some repairs carried out or you were to exhibit the car, Laid Up classic car insurance will often cover you for any damage whilst being transported or at the exhibition or the premises of the repairer.
Because you are not driving the car on the road you should be able to arrange Laid Up classic car insurance at a reasonable premium. There are several classic car insurance specialists that provide this type of car insurance so it is worth shopping around perhaps trying a comparison website to get some quotes.