A major downside to purchasing classic car insurance through a general broker is that they will not take into consideration the true value of the vehicle. Your classic car will be judged on the book value of the vehicle as opposed to the rarity or the demand for such a motor.
Stated value and Agreed value classic car insurance policies are the most protective to older vehicles as they allow a verbal agreement between the owner and the insurer regarding a suitable and realistic value thus allowing your classic car to be covered for its true worth.
Many tailored classic car insurance providers can offer a significant deduction on premiums if they are registered with official driving organisations and clubs which underline a significant commitment and interest in classic cars. Tailored classic car insurance providers take into account that classic car owners take great care of their vehicle and as a result provide cheaper overall premiums.
Specialist classic car insurance providers know what to look for when coming to a mutually agreeable value of a car of significant heritage. If you have spent a tremendous amount of time restoring and preserving your classic car this can also work to your advantage as specialist brokers appreciate the time and effort taken to keep the car on the road.
As classic car values have considerably risen over the last decade it is vital that you make sure that you are covered for the entire value of your classic car. Failure to do so may result in the end of that lifelong dream!
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