Monthly Archives: November 2012

How is Classic Car Insurance Calculated?

Owning a classic car is something a lot of people take great pleasure in. Those who do own classic cars often keep them locked in a garage as they are mostly for show and something to maintain and modify. However this isn’t always the case and those who like to drive their vintage car will have the same risks as other road users. The best way to protect your car from these risks is to get a classic car insurance policy. Classic car insurance differs from regular car insurance as it is tailored specifically for the unique nature of a classic car. By the end of this article you should have a better understanding of how the cost of classic car insurance is calculated as well as how to find insurance providers who offer classic car insurance.

How is Cost Calculated?

There are a number of factors that are taken into account when calculating the cost of a classic car insurance policy. The value of the vehicle is a big one and for this reason many people opt to have an agreed value policy. What this means is that both you and your insurance provider agree on the value of your car so that if you need to make a claim there is no dispute on the amount paid to you.

In addition to the value of your car, the risks present are also taken into account. If you drive your car regularly then it is going to be at more risk of breaking down and of being stolen. Most people who own classic cars will have them securely parked in a locked garage. This is a big bonus and will certainly affect the price of your policy.

Types of Cover

Since each classic car is unique so is each policy and most will be specifically tailored towards the owner’s requirements. There are a few different types of cover that you can usually find in a classic car policy. Below are three of the main ones –

1)      Agreed Valuation – As discussed above this gives the owner the security of knowing that should something happen to their car, they will receive its full value in the way of compensation.

2)      Limited Mileage Insurance – many of those who own classic cars do not use it as their first car for day-to-day driving, viewing it as more of a luxury. This means that often their annual mileage is much lower than it is for their regular car. Many insurance providers will offer policies that cover a classic car when it falls under a certain annual mileage usage. This can be a great way to save money on your policy.

3)      Multi Vehicle Insurance – A lot of classic car owners have more than one vehicle and would like to get them insured under the same policy. This is possible by using fleet insurance and often works out much cheaper than insuring vehicles separately.

Car Insurance discounts for Police Officers

Many people in insurance understand that giving a Police Officer a discount for their car insurance is a sound decision. But why? Well, for a start, most police officers have some sort of driving accreditation. But most insurers will only give a car insurance discount for Police Officers who are level 1 accredited. There are some specialist providers such as Key Worker who can give a discount for all levels of driving accreditation, from a level 4 (basic) to a level 1. The key is to spend a bit more time searching around and perhaps ask colleagues who may have some idea who to go to.

But what about if you are a Police officer looking for car insurance who hasn’t had any type of driving accreditation? More often than not, if you have some sort of specialist skill or expertise, then this SHOULD make your car insurance cheaper. But again, you have to find providers such as Key Worker Insure who are aware of what your training should mean for your car insurance. Even if you have some adverse claim history, if there is a genuine reason behind this, such as inclement weather, then your car insurance provider should be able to take this into account.

Something to be mindful of, is that if you are insuring a car, and you would like your son or daughter on there, then the discount for your car insurance may not be as high as what you would like. The reason for this is that insurers know that although car insurance should be cheaper for Police Officers due to the lower perceived risk, unless your son or daughter is also in the Police, then when they are driving the vehicle, the insurer is actually at a higher risk than a lower one. Which, when you look at it from the insurer’s point of view, is a fair consideration? Some insurers actually term this as ‘fronting’ which technically is illegal as you are gaining a pecuniary advantage via deception (if your son or daughter is in fact the main user of the car).

You will also find that if you, for example, change your occupation whilst the car insurance Policy is in force, then the insurer should keep your Police discount on the policy, unless you are changing to an occupation which is a far greater risk to insurers (for example, a Publican). Likewise, if you were not a Police Officer when the car insurance started, then once you join the Police your insurer should give you a police officer car insurance discount at renewal. Any switched-on insurer should be able to make enquires to confirm that you are indeed in the Police, and that you are not just pretending to be a Police Officer to get a discount for your car insurance.

Everyone knows that looking for car insurance isn’t enjoyable, but at we only work with specialist providers who will, for example, make sure that you get a good discount on your car insurance for being a Police Officer!