Just like ordinary car insurance you have a number of choices when it comes to arranging classic car insurance. For many people, especially in the current financial climate here in the United Kingdom, the cost is an important factor so let us have a brief look at the types of classic car insurance that you can take out.
There are four types – fully comprehensive, third party fire and theft, third party and laid up classic car insurance. The most expensive is fully comprehensive car insurance.
Although the cost is a consideration you should not forget that your classic car may be worth a considerable amount of money and you may have devoted many hours in restoring your pride and joy so you may wish to insure it for any damage done to it in an accident.
Anyway, let’s have a look at the types of cover: –
It is a legal requirement that, if you are taking your classic car out on the road, you must have a minimum of third party cover. This insurance cover is rather limited. For instance, if you are in an accident whilst driving your classic car, you are only covered for damage caused to the other vehicle(s), other property and other people. You are not covered for damage caused to your own classic car or yourself.
Third party, fire and theft
Third party fire and theft covers everything that is included within third party car insurance plus your classic car would be covered if it were stolen or if it was damaged in a fire.
Fully comprehensive classic car insurance covers everything that is included in third party and third party, fire and theft insurance plus your own classic car and yourself are covered should it be involved in an accident even if the accident was your fault.
Laid up Cover
If your classic car is declared SORN (Statutory Off Road Notification), is not being driven and is garaged you can arrange Laid Up cover that will cover your vehicle for fire and theft whilst you are, for instance, restoring it.
Hopefully the above will help you in making a decision as to the level of cover you require.