Buying classic car insurance is much like buying any other auto insurance policy. If you’re looking at buying such a policy, the following checklist will be of use:
- Establish the type of insurance you want for your set of wheels, depending on whether your car is Prestige, Vintage, Veteran or an American Classic.
- Study the features and benefits of your preferred policy.
- Ask yourself whether you need salvage cover, or whether you can insure your car to agreed value instead of market value.
- Decide on whether you need any extras, such as emergency accommodation, towing or storage.
- Work out how much you can afford to pay in insurance premiums.
- Make note of the factors that can lower your premium.
- Have your driving history within reach, e.g. do you hold a rating 1; as in, you haven’t made a claim in five or more years.
Most of the time, you won’t need to keep your classic car in a garage at all times, or only be able to take it out on the road for enthusiast club rallies, to qualify for classic vehicle cover.
What your provider will ask you when you’re applying for classic car insurance
Along with completing an online quote, you have a Duty of Disclosure – meaning you have a legal duty to provide your insurer with detailed information about you and your vehicle. Such information would normally include:
- Your age
- Named regular drivers of the vehicle
- Your vehicle’s model and year of make
- Your vehicle’s garaging status (e.g. enclosed garage, carport, street parking)
- Anti-theft devices installed in your vehicle
- Any modifications/fittings to your vehicle
- Whether your vehicle has any hail or accident-caused damage, or rust
- Your driving history, e.g. any accidents, infringements (except parking tickets), offences, license suspensions, good driving behaviour periods or disqualifications over the last 5 years
- Your criminal history (if any) within the last 5 years
- Your entire claims history plus any special terms or conditions applied to your insurance
- Whether the named driver has physical or mental disability, a medical condition or is using prescribed medication which could affect their driving ability.
In addition to being transparent and honest when applying for your insurance policy, you should always read through the Product Disclosure Statement (PDS) and ensure you understand the extent of your cover. If you are confused about anything, give your insurance provider a call and they’ll happily guide you through the PDS.
How we can help you
Here at comparethemarket.com.au, we love our cars and we understand car lovers’ needs and concerns. We know that you require an additional level of protection for your precious investment.
With the above in mind, we can help you buy the right classic car insurance from a trusted Australian provider. If you’re a car lover and want to safeguard your remarkable set of wheels, we’ve got your back. Simples.