While ardent enthusiasts might argue that the ‘classic car’ era had ended in the early 1980s, less Australian car insurers tend to agree with that sentiment these days. There are, however, several important factors that can help determine whether your car qualifies for classic car insurance.
Any vehicle that has sufficient historical value can be considered a classic car and be eligible for classic car insurance in Australia. It can be additionally categorised as a Veteran, Vintage or a Prestige car according to its features and year of make; or an American classic, if it is a US import deemed worthy of collector interest. In addition, a number of sports car models made over 10 years ago can qualify as ‘modern classics’.
Some insurance companies consider all vehicles manufactured more than 15 years ago to be ‘classic cars’. However, some will only deem your four-wheeled treasure a classic car if you don’t take it out of the garage, or only use it for enthusiast club rallies and tours. If you plan to use this vehicle for everyday driving, consider taking out a regular car insurance policy instead.
If you’re in the process of restoring your classic car, but not currently driving it, you could get laid up (or lay-up) cover, which is generally cheaper than comprehensive car insurance.
We suggest that you read through the Product Disclosure Statement (PDS) and ensure you are clear on each listed point before committing to take out a classic car insurance policy. If you’re confused or unsure about something, give the insurance provider a call and they’ll be able to guide you through the PDS.
On top of being a beloved possession for its owner, a classic car can be an expensive investment due to the amount of upkeep required and the relative scarcity of commercially available spare parts. This is why it is crucial to have a financial shield around your treasured vehicle in the event of an accident, theft, fire or natural disaster.
Here at comparethemarket.com.au, we can help you buy the right classic car insurance from a trusted Australian provider.