What are the classic car insurance rules and criteria?
Classic car insurance usually applies to older vehicles that are kept in good condition, used occasionally and not relied on for everyday commuting. Insurers typically look at the car’s age, mileage, use, storage and overall value to decide whether it qualifies for a specialist policy.
However, what defines a classic car is an age-old question that insurers, brokers and owners have debated since the ink dried on the first classic car policy, and there is still no definitive answer.
Most classic car insurers will require the policyholder to own a daily drive before providing a classic car insurance policy. This automatically throws a spanner in the works. Here are some scenarios to help explore this:
- Example 1 - A 1972 car is parked on the drive with 6,000 miles a year and used daily for commuting. We would consider this a daily drive that just so happens to be of a certain age.
- Example 12 - A 1996 car is garaged with 2,000 miles a year and used on the weekends (weather permitting) plus car shows and events. We would consider this a classic car.
Just because a car is over a certain age doesn’t mean it automatically qualifies for classic car insurance. We look at four key factors when issuing quotes for classic car insurance:
- The year of manufacture
- The value
- The mileage
- How it’s stored
We also look at how the car is being used:
- Social, domestic and pleasure
- Shows and events
- Commuting
- Where the vehicle is stored (would you leave a cherished car on the road?)
- Is the owner a member of a classic car enthusiasts’ club?
This is why it’s difficult to create universal criteria to define what a classic car is.
What is the criteria for a classic car?
It really is down to a matter of opinion, which is typically influenced by three factors:
- Nostalgia - Many classic car owners have fond memories of family and friends and the vehicles they used to drive in times gone by. This naturally influences their purchasing decisions when it comes to buying an older vehicle. What’s interesting to note is the desirability of a Ford Escort Mark I. It was an everyday car at the time, but the generations that may remember the car from their youth are now wealthier and would like to revisit it by owning one.
- Desirability - A car appears in a popular television series or film. Over time, that car will become more desirable and be considered a classic car. Rarity also influences desirability, as does prestige. For example, a modern Porsche 911 GT3 will eventually be a classic car. The limited manufacturing and price trigger more demand. These factors also qualify the car for modern classic car insurance.
- Obsolescence - The car is no longer manufactured, and parts have started to become rarer.
What’s the difference between veteran, vintage, post-vintage and classic cars?
Just like with classic cars, there’s also no universally recognised agreement on what to call much older cars. Definitions are typically created and led by influential car and enthusiast clubs. In some instances, the Oxford Dictionary plays a part. Here’s a breakdown of the categories which are currently disputed by owners and historians alike:
- Veteran - a car made before 1919 (the end of World War I) or (strictly) before 1905 (according to the Oxford Dictionary). The Veteran Car Club of Great Britain classifies vehicles built from January 1905 to December 1918 as ‘Edwardian’.
- Vintage - a car made between 1919 and 1930 (according to the Oxford Dictionary)
- Post-Vintage - a car made between 1931 and 1945 (the end of World War II). Some clubs, such as the Vintage Sports-Car Club, consider post-vintage up to 1940.
- Classic - this really is down to a matter of opinion, which is typically influenced by the factors we have discussed above.
Are you unsure about the status of your vehicle?
As you can see, it’s not easy to come to a consensus on what a classic car is. If you have a vehicle and are unsure about its status, talk to us. We’re a specialist vehicle insurance broker with a panel of insurers who all have different acceptance criteria, so whether your vehicle is 20, 30 or 50 years old, we have a policy that suits. Just call our friendly, expert team on 0121 655 3420, Monday to Friday, 9am to 5pm, or leave your details using our form and we’ll call you back as soon as we can to talk you through your options.
