Classic car insurance is a broad term covering the spectrum of insurance options for non-regular, collectible or prestige (also called ‘exotic’) car owners.
As vehicles 15 years or older are generally considered ‘classic’ but have a variety of specific types, classic car insurance in Australia can be divided into four categories:
While the above classic car insurance types mostly share features with comprehensive car insurance, there are alternatives which you might consider before you buy. They are:
You and your policy provider can also agree to insure your car for a certain amount as opposed to insuring it for its current market value. This is called agreed value cover.
Agreed value cover usually provides greater level coverage for your vehicle. However, it is also commonly associated with a more expensive premium.
When you’re comparing various car insurance policies and working out the level of additional cover you can get for your vehicle, ensure you read through the Product Disclosure Statement (PDS) of each individual policy before you make your purchase.