Classic Car Insurance : All cars need insurance whether they are new, old, classic or historical. But the type of policy that you have to hire for a vintage vehicle is not the same as for a conventional car.you can compare between more than 30 insurers and find the insurance that best suits your car, regardless of the type and model of car concerned.
The classic cars are not cars that are manufactured in series at present, nor are they subject to competition between brands, but rather they are exclusive, special and unique automobiles. Singular is also the market in which they move, a sector that in the middle of a crisis has increased its value by 25% and which includes important increases in investments in recent years. However, the cataloging of “vintage car” is not free, and to obtain it, some requirements must be met.
Classic cars are exclusive, special and unique cars.
Classic Car Insurance
As unique as it may be, a circumstance resembles the classic car with the rest of the state’s mobile fleet: it has to be insured.
Again, the exclusivity of this type of vehicle requires compliance with some requirements in the classic car insurance signature.
Requirements for the insurance signature:
- Be the owner of the car.
- Have a minimum of 25 years.
- Have more than one year old card.
On the other hand, it is quite possible that insurers – always respecting the policies of each of them – establish some restrictions.
Safe restrictions of classic cars:
- Limit driving to 5,000 kilometers a year.
- Require the existence of another vehicle for regular use.
- Forcing the car to “sleep” in the garage.
With everything and with it, the price of car insurance for historic vehicles can be higher than that of a normal vehicle . For example, securing a 15 year old Seat Ibiza will be considerably cheaper than buying a car insurance for any classic or historic car.
While it is true that the mileage of classic or historic cars is much lower and therefore the risks of accidents are also lower, the insurer contemplates some risks:
- Theft: These vehicles are jewels and, in some cases, their high value makes them a very greedy target for thieves. In addition, being old, do not have the security mechanisms of modern cars.
- Repair: We must remember that we are talking about unique vehicles and, therefore, the repair costs will be much higher, since it will take more time and the parts will be harder to find. In addition, its age can cause it to break down more often.
- Venial value : As explained above, historic cars are a great investment opportunity because, especially those that are well preserved and maintain good operating conditions, offer a great revaluation yield year after year. Thus, a good insurance must collect the historical value of the vehicle and this will considerably increase the price.
Advantages in insurance for classic or historic cars
From there, each insurer has its particularities and can offer added services. Some of the advantages of classic car insurance are, for example, coverage for vehicle use at a relative’s wedding or at fairs and vintage car concentrations. Also, some entities can positively assess that the customer is part of one of the many federated classic car clubs in Spain.
Historical vehicles or vehicles that have been manufactured for at least 25 years do not have to pay the Traffic Tax
In addition, historical vehicles or vehicles that have been manufactured for at least 25 years do not have to pay the Circulation Tax since they have a 100% bonus (varies depending on the company and the Community). These have, in turn, more time to pass the ITV (the vehicle can be reviewed every five years and not every year).
Therefore, before insuring your vehicle, we advise you to first make an insurance comparison, which will help you analyze the coverage, advantages, disadvantages and different possibilities offered by the main insurance companies in our country.
What are old and old cars?
It is considered “old” to any car with more than 10 years and “old” or “classic” which exceeds 25. Because the market value of these vehicles is already quite reduced and, therefore, in case of accident the Insurer must disburse less money , there are great possibilities of finding very cheap policies, especially if the driver opts for a third party insurance – the All Risk as a general rule will not compensate for the low compensation to obtain.
However, if the car meets certain requirements, it can be considered a “historic” car. And there, the story changes.
What are historical or vintage cars?
As a general rule, historic vehicles are classic or old vehicles (that is, more than 25 years from the first registration), although they can be considered historical starting at age 20 if they fulfill a series of conditions:
- Be included in the General Inventory of Movable Property of the Spanish Historical Heritage or declared a property of cultural interest.
- Be a vehicle of collection for its obvious singularity or scarcity.
In addition, a historic car must be registered as such, for which Royal Decree 1247/1995, of July 14, by which the Regulation of Historic Vehicles is approved, stipulates the fulfillment of other requirements:
- Official documentation that certifies the identity and address of the owner of the vehicle, which must also be the insurance holder. Preliminary inspection of an official laboratory endorsed by the Ministry of Industry of the Autonomous Community that accredits the status of historical.
- Favorable resolution of the Community Industry Council for the registration of the car in its catalog of historical vehicles.
- Pass the Technical Inspection (ITV)
If you comply with all this, there will only be one step left so that the owner can enjoy the use of his brand new vintage vehicle: car insurance.
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