Younger classic car owners can typically expect to pay more expensive premiums on a classic car insurance policy than older drivers, as they tend to claim more often than their elders.
However, there are ways of wringing back some advantage even when financially safeguarding your classic vehicle seems like a challenge. We have listed them below.
How can I save on classic car insurance if I’m under 25?
- Opt for a reasonably priced car. Some of the more common classic vehicle models can actually be easier on the owner’s pocket – particularly for the younger demographic. For example, insuring a Holden Kingswood can mean paying less premium than one would on a Monaro GTS or a high-powered American classic or a prestige car.
- Service your vehicle regularly. Insurance providers tend to view well-serviced cars fitted with good quality, regularly checked tyres as carrying less risk.
- Install a security device in your car. Insurers view vehicles fitted with a car alarm and/or an immobiliser as carrying less risk of theft or burglary. This can knock some of the expense from your classic car premium.
- Park your car securely. Your insurer will be more likely to lower your premium if you park your vehicle in a secure garage or carport rather than in the street.
- Maintain a good driving record. Not speeding and keeping your license are guaranteed ways of gradually lowering your insurance premium over time.
- Take an approved safe driving course. Insurers generally consider drivers under 25 years of age ‘the accident-prone demographic’. Yet, some tend to look more favourably on younger drivers who have undertaken a defensive driving course. These drivers have more advanced risk assessment and emergency car control skills. Check with your insurer whether such a discount is available to you.
If you’re under 25 and own a classic car, these are the insurance options you might want to look into:
- Comprehensive car insurance. This common policy covers you for damage to your vehicle, other people’s property, theft and/or legal costs.
- Third party property damage. This type of policy protects you against claims made by people whose vehicles have suffered damage from an accident. It does not necessarily cover your own repair costs.
- Third party fire and theft. This is essentially the above policy plus additional protection against claims involving property that was damaged in a fire or lost in a theft. Like third party property damage insurance, it does not cover the costs to repair your own vehicle – just the repair costs of other vehicles, in the event you are at fault.
Before you decide on the type of car insurance that works best for you and your classic vehicle, carefully read through your policy’s Product Disclosure Statement (PDS).
What we can do to help
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