I am planning to insure my Rover P5B car (which is a classic). As far as I know, insuring a classic car is way different from insuring an ordinary car. What are the most important things I should consider?


You might really get confused when insuring a classic car. Your car coverage would depend on how you would use it plus your agent will most likely determine whether you’d be really enjoying your car in the near or distant future. If the agent is not accustomed to insuring classic cars, they might not help you properly and thus you might not get the proper coverage your car needs. However, these are some simple tips to help you help yourself:

Define the materials used for your car. Your agent would definitely ask you how much insurance you need for your car. If your personal opinion of the value is greater than the real value of the car, you might be given higher rates. You have to do a good estimation of your car’s value so that you could avoid discrepancies. Aside from that, you must also be able to track the cost of your car parts. Customized car parts would mean more expensive rates, which is pretty negotiable with your insurer. Being able to use your own mechanics for repairs would lighten your classic car insurance’s rates. However, the ideal ownership of classic car means that the owner is willing to pay for classic car motor insurance premiums.

If you participate in Car Club events, ask yourself if you would need liability insurance. Ask yourself the extent of coverage for damage encountered at a car show you would need. In relation to that, you would also have to evaluate the insurance coverage you need in view of the period of renovation you intend to give your car.

Have an estimation of the miles you drive in a year or the average mile you expect to drive this year. Insurers also weigh up classic car premium in reference to miles driven. Ask your agent about the limits of maximum mileage.

Consider whether you’d be shipping your car (soon) or not. If you are shipping your car, you must ask your agent details on this, or you could negotiate for additional protection since the car would be beyond your control.

Ask yourself if you need theft and damage coverage.

Lastly, you might want to consider for a Specialty car insurance.  According to statistics, fewer among car collectors are insured by specialty programs. Nonetheless, standard insurance companies require higher rates in reference to a more restrictive contract when insuring classics. Ask yourself whether you prefer specialty car insurance or not and check out if you will qualify for a specialty car insurance. Here are the requirements:

  • must own and drive a daily driver vehicle
  • car meeting the required age or older
  • driver meeting the required age or older
  • Car driven at mileage of 2,500 miles per year or less
  • car only driven at certain events
  • car which is only for commercial use