You may be surprised to read that there are a lot of classic car enthusiasts who are unaware that a type of classic car insurance is available called “laid up” cover. Therefore, let’s have a look at this in a little more detail.
You no doubt have either fully comprehensive, third party fire and theft or third party classic car insurance in place on your vehicle. These forms of cover are of course fine but in a certain situation “laid up” cover may be worth considering.
For instance, if you decided to take your classic car off the road to restore it over the winter months then laid up cover may be an alternative worth considering. This will cover your vehicle whilst you are restoring it for fire and theft.
When the car is off the public toad network and it is garaged and you have declared it SORN (Statutory Off Road Notification) then you can apply for laid up cover.
Your classic car would be covered should it be damaged by fire should you, for instance, be working on it or should it be stolen. Depending on the severity of the damage will dictate if the cost of repair work will be covered in the event of a fire or a pay out will be made for the car’s value if it is beyond repair. If the car were stolen and subsequently damaged then the cost of repair work would be covered or if were never found again the insurer would pay out the value of the car.
Laid up cover may cost you less than the other forms of classic car insurance which, in the current financial climate, is something that the majority of people will be pleased to hear.
There are a number of classic car insurance companies that provide laid up cover so it is worth checking with your existing insurer to see if they do. If this is not the case, you can use a price comparison website to get a number of quotes for laid up cover.
You will need to remember that, when you are ready to take your classic car back out onto the road, that you then revert to having either fully comprehensive, third party fire and theft or third party classic car insurance re-instated.