Classic Insurance
An antique car is indeed a thing of beauty. Classic insurance refers to specialised motor insurance of classic, vintage and collectable cars. It is a niche product and will therefore not be available at all insurance companies although more of them are now offering this product. You will find details of classic car insurers on the internet. The insurance features differ in some respect from “normal” insurance.
Vintage or classic cars are cherished property and deserve special care in the form of specialized insurance. The insurer will require as much information as possible about the car before agreeing to offer insurance cover. The type of cover is a comprehensive policy with the following features:
- Premiums are payable annually. Monthly premiums will only be allowed if approved by the underwriter and will work out more expensive.
- In general car insurance is based on the market value of the car. With classic insurance you have the option to insure on an agreed value basis. The value that is agreed on by the insurer and the insured will remain the same and no depreciation is taken into account.
- These cars are not insured for daily use—limited mileage will apply, usually 8 300 kilometers per year. Usage should be for pleasure or social purposes.
- Malicious damage is covered, including soft tops.
- “Cherished remains clause.” In case of a total loss the insured will have the first option to purchase the salvage from the insurance company.