With the recent announcement that the government are clamping down on uninsured motorists, it is even more essential to ensure that you have the right insurance for your car. Did you know that registered keepers identified as having an uninsured vehicle will be sent a letter telling them that their vehicle appears to be uninsured, and warning them of the consequences if they fail to take action? Those who do not act on this warning - either by taking out insurance or declaring their vehicle off the road - will receive a £100 fine and could have their vehicle clamped, seized and destroyed. They may also face a court prosecution.
Hagerty International offers the following top five things to consider when insuring your classic car.
1 Obtain a specialty classic car insurance policy rather than a regular use policy; it will usually save you money. Since specialty insurers understand that the risk for loss is far less in a classic car than in a regular-use car, the premiums are often much lower.
2 Look for a policy with Agreed Value coverage. This means your car’s value will not be depreciated at the time of a total loss. Market Value policies can potentially depreciate your car’s value, reducing the amount of your claim. Please check the terms of the policy to ensure that you comply with the provisions of this cover.
3 Don’t Let Your Cover Lapse. The DVLA will fine uninsured motorists £100 and potentially crush your classic if you do not declare the car as SORN and let your cover expire. This is a nationwide clamp down on uninsured drivers and shows that the regulatory body is getting stricter with their rules.
4 Research mileage options. Insurance companies can sometimes provide cheaper rates for lower mileage options. Make sure you get the right mileage allowance for your car and are not being overcharged for unlimited mileage policies.
5 Review your policy details. Ask your potential insurance company if they will cover additional drivers, spare parts, tools, high-valued modifications and paint jobs in the event of damage or theft.