Classic motor Insurance from Assetsure is a product that we will be introducing shortly to cover a wide range of classic vehicles provided they are usually kept within the United Kingdom.So what constitutes a classic car and are all old cars eligible for classic car insurance?
The short answer is no, unfortunately, simply classing a car as “classic” is a not a means of obtaining a cheap car insurance policy. There are certain criteria that will apply, before a vehicle becomes eligible for cover.
The three main categories of car are as follows;
- Vintage cars manufactured between 1919 -1930
- Post Vintage Thoroughbred 1930-1939
- Post War classic cars with a minimum age of 15 years
Classic Cars and taxation rules in the United Kingdom
Despite what many people believe, the law for Road Tax on classic cars only affects vehicles registered prior to 1973. Even then, you still have to display a tax disc, you will have to apply in the usual manner and correctly display a disc on your vehicle which will be issued to you as a “nil value disc”
There are certain limited exceptions for travelling on a public highway without a road fund licence:
- Taking the vehicle to an approved MOT testing station for a pre-booked MOT. This does not mean you can set off days in advance, prior to turning up at the test centre. If this is the case, you are likely to be challenged by the revenue.
- The vehicle may be taken on to the road during the MOT test.
- If the vehicle fails it’s MOT, you may take the vehicle to a pre- booked appointment at a garage to have the work carried out that resulted in the MOT failure
Types of vehicle that can be covered
Any make of car can be deemed to be a classic and there are no rules that the vehicle must be a “Marquee”, however in our book, the vehicle must not be an “every day” vehicle and you must be able to restrict the mileage to less than 7500 per annum .
We believe that classic cars are purchased for investment purposes, to be used infrequently, cherished by their owners and perhaps only brought out for a weekend spin or to be displayed at classic car shows.
Cover for Classic cars will fall in to two groups.
- Laid up Insurance. This is designed for vehicles that are permanently kept off the road and the DVLA have been suitably informed via the SORN document.
- Comprehensive Insurance- The usual benefits obtainable under a fully comprehensive motor insurance policy including “Third Party Risks” and “Windscreen”. In certain circumstances, it may be possible to have a policy issued on an “agreed value basis.