How to save money when insuring your classic car

We’ve been in the insurance business since 1984 and in that time we’ve arranged cover for some truly fantastic cars. Whether it’s a rare model, has a fantastic story, or simply fills you with pride and joy, we understand that your classic needs to be protected and have the correct cover in place. However, as well as ensuring your cover meets all of your requirements, we know price can also be a deciding factor when choosing a provider.

The core pricing of your quote will be reflective of the value of your car, how you intend to use it, where it’s kept overnight, as well as other factors such as having points on your license. There are, however, some ways in which you could help to reduce your policy premium.

Here are our top tips to consider:

• Use a specialist broker

A specialist classic car insurance broker will aim to offer you their best price from a panel of insurers who offer policies specifically designed for classic car owners. A broker will have a better understanding of the value your vehicle holds to you and the wider industry, which makes them better placed to find the right cover for you and your car.

By going direct, you can talk to the team in detail about your car and circumstances and they can understand the overall risk. Especially if you have an unusual or rare classic, it’s always best to talk to your broker over the phone. They will then speak to their panel of insurers and present the best policy available based on the cover you need and taking into consideration a full understanding of the history of your classic.

• Limit your mileage

Did you know that many insurers offer discounts for drivers who are planning to do limited mileage? On a policy, your premium is likely to increase as the number of miles you drive increases, so be careful not to overestimate annual mileage and be as accurate as you can. 

• Mention any car club memberships

As you know car clubs bring together people from all walks of life to share a common passion for classic cars and it’s a great way of meeting fellow enthusiasts. Many classic car insurance brokers have partnerships with UK car clubs and offer discounts to their members.

If you’re a member of a car club, you can enjoy a discount of up to 25% on your policy when going direct with Lancaster.

• Consider a multi-vehicle policy

We’re seeing a greater number of enthusiasts owning more than one vehicle and if that’s you, it may be worth considering a multi-vehicle policy. It can help take away the stress of multiple renewal dates and cluttered paperwork and sometimes can be cheaper than insuring them separately. It’s always best to talk directly to a specialist broker as they can help find the right policy for you at their best possible price.

• Mention modifications

When modifications have been made to vehicles, it can sometimes be hard to find an affordable policy. Specialist classic car brokers like Lancaster are used to considering car modifications when arranging insurance cover. We can discuss these with you and our panel of insurers to find the best possible price.

• Additional drivers

Don’t forget that in some cases, adding an experienced driver to your policy could reduce the cost of your insurance.

• Overnight storage

Keeping your classic stored safely overnight can have an impact on the cost of your insurance cover. Ideally, your classic will be stored in a secure garage at night, where the possibility of theft is significantly reduced.

• Check what’s included in your policy

An in-depth understanding of the classic car industry means that specialist brokers often offer several additional benefits that can be included in your policy and save you money later down the line.

At Lancaster for example, we offer an agreed value option, breakdown cover with our partner RAC and vital protection such as choice of repairer and salvage retention.

 

As with any type of insurance, the discounts, benefits and features offered with classic car policies may vary and are subject to underwriting criteria, however we hope that you find these tips helpful next time you’re looking to arrange your classic car insurance.

 

Lancaster Insurance Services have been proudly arranging classic car insurance since 1984

Specialising in arranging cover for your cherished vehicle, our comprehensive classic car insurance policies are designed to protect your investment.

We work with carefully selected underwriters to offer insurance solutions developed with our customers in mind and are the insurance broker of choice for thousands of classic car owners across the UK.

Using our wealth of experience and knowledge of the industry, we can quote for virtually every classic car available. To speak to a member of our specialist customer service team call 01480 484826 or click here to get a quote online.

Our benefits at a glance:

• Car Club member discounts
• Static show cover
• Historic rally cover
• Choice of repairer
• Salvage retention
• Free EU cover up to 90 days
• Agreed Valuation (available for £18)
• Laid up cover
• 24 hour claims helpline
• Limited mileage discounts

Discounts, benefits and features offered may vary between insurance policies and are subject to underwriting criteria.