For those young people who are lucky enough to own a classic car it can be incredibly difficult to find any insurance for it. It isn’t just a case of finding affordable classic insurance. It’s a case of finding any insurance at all as some insurers may just refuse to insure a young person with a classic or vintage car without any questions. However, it’s possible to find insurance for young people with classic cars, it’s all about knowing what to look for.
What’s Classic Car Insurance?
Classic insurance is basically like conventional car insurance except it’s especially for classic cars. Classic refers to cars that are generally over a certain age, which is usually about 25-30 years. Only certain insurers offer this type of insurance so the first task is to actually find somebody who offers this type of policy. There are plenty of lists around on the internet so just perform a Google search and that should be enough.
The Age of the Driver
The main sticking point for insurers is that the driver is considered to be too young. Statistics have shown that those who are under 25 carry the biggest risk of getting into an accident. This is due to their inexperience, and in many cases blatant immaturity. Insurers don’t take risks so every young person is lumped into the same category. That’s why conventional car insurance is so expensive and why classic car insurance is even more expensive, if they’ll even give out the policy at all.
When it comes to this sort of insurance the type of car doesn’t really matter as much because the policy is going to be expensive for young people no matter what. When making a rough estimate assume that the rarer the car the more expensive the insurance will be. And also remember that the older the car the more expensive the insurer will be.
Keep it Safe
Get those insurance costs down by keeping the car safe. Fit an alarm system to the car. Store the car in a garage. Or better yet live in a nice area of town. If the area where the car is stored has a low crime rate then insurers will feel more comfortable about handing out one of these classic policies.
Think like the insurers do, and then suddenly things become much easier, as it’s simple to cater to what the insurer is looking for when they decide whether to hand out policies for classic car insurance for young drivers.