We are coming up to that time of year when you may be considering taking your classic car off the road to carry out some much needed restoration work. You may also have decided that you don’t want to subject your “pride and joy” to the potential inclement winter weather and have decided to garage the vehicle for a few months until the warmer spring weather.
Either way, you may wish to consider reviewing the level of classic car insurance that you currently have in place. In doing so, you may be able to save some money that, in the current financial climate, is not a bad thing.
So, how can you do this? Well, there are four levels of cover with many classic car insurance policies – fully comprehensive, third party fire and theft, third party and the lesser known one called laid up cover with the later usually being the cheapest.
Legally, if you have garaged your classic car and declared it SORN (Statutory Off Road Notification) you do not even need to insure it. However, why take any risks when you could consider laid up insurance that, although limited in the level of cover that is provided, may be acceptable for your purposes.
For instance, laid up cover will insure your car should it be stolen and never seen again or stolen but subsequently found and returned to you but had been damaged in the process or should it be damaged in a fire. Therefore, this will provide you with peace of mind in knowing that, whilst your classic car is off the road being restored, there is some cover in place at a lower premium than you are likely to have been paying for one of the other three levels of cover.
You may wish to obtain a number of quotes from some of the classic car insurance companies for laid up cover and check the features and benefits in detail as well as any penalty that may be payable for subsequently cancelling the policy. This needs to be borne in mind when comparing the cost of laid up cover with continuing with your existing cover as, when your classic car is restored and you want to take it back out onto the public roads, you would need to arrange one of the other appropriate levels of cover.