A ‘classic car’ usually refers to an older or vintage car, however the exact definition is not set in stone. The Classic Car Club of America argues that a car has to be between 20 and 45 years old to be a real ‘classic’ car, and any vehicle over 45 years old is known as an antique. In the UK these definitions are not so strict, although the age of the car does have an impact on car tax.
In the UK, all cars built before January 1, 1973, are excluded from paying the annual road tax vehicle excise duty. The HM Revenue and Customs define a classic car for taxation purposes as being over 20 years old and having a value in excess of è�•£15,000. So if you tick those boxes, you have a classic motor on your hands.
But what does this mean for your insurance?
Most insurance providers will tailor your cover to suit your vehicle. If you pride yourself on owning a classic car, you’ll want to take out a level of car insurance online that will protect your vehicle at all times. You may only take your car out for a quick spin during the holidays, or it might be your every day run-around vehicle – but the car will still be at risk of getting the odd bump and scrape along the way.
As well as the usual claims on car insurance, a classic car is also more at risk from theft. Classic cars are a highly desirable vehicle, and may be targeted by thieves who know what they are looking for. 115, 000 incidents of car theft were reported in 2009-2010 according to the Home Office and the Home Office Car Theft Index showing that older cars are at the highest risk of being stolen. They report that cars more than nine years old account for nearly two-thirds of all cars stolen in the UK.
With this in mind, you’ll want to make sure that your classic car is fully insured to protect it. Speak to your insurance provider about your concerns and they will make sure your car is insured against damage, theft and all the other matters that can arise with a well-loved car. Although your vehicle may be a classic now, you want it to be a classic car for the future too.