The turmoil of the world’s financial markets has triggered a boom in classic car trade. Many investors have been keep to put money into rare classics as prices continue to sky rocket. However like all aspects of motoring, you need to make sure you are getting the best deal and product for your hard earned money.
Running a classic car can be fraught with huge bills, breakdowns a heart ache however if you protect your investment wisely you can enjoy your classic for years to come and maybe even make a bob or two when it comes to selling up. The key to keeping it in tip top condition is maintenance.
When it comes to insuring a classic car, it might not be a black and white as you may think. Many of the “main stream” insurance providers may not be keen to insure classics, so it’s recommended that you choose a policy designed for the older generation of cars.
Choosing a classic car policy ensures you have the right type of cover and you can take advantage of features that are only available on this type of policy. A feature at the top of your check list should be a provider that offers an agreed value of the car. If the worst does happen you could be out of pocket by a pretty penny, an agreed value means that your payout reflects the true price of your automotive investment. An agreed value takes into account factors such as the condition of the vehicle and its ‘collectable’ value. Just make sure to read the small print as this can often come with strict policy insurance guidelines and restrictions.
Like most other car insurance policies, your annual mileage can have a huge impact on your premium. Choosing a more restrictive allowance means reduced premiums and also minimises wear and tear through general driving, again saving you money. Choosing to store your classic in a garage or lock-up will also help keep costs down and also protect your classic’s vulnerable body work from the elements.
There are a growing number of specialist classic insurance providers in the UK that offer classic policies as well as sound advise on protecting your ageing auto mobile. The new Carole Nash cherished site is one such provider that offers many of the benefits that will see you safe guard your classic car for many years to come and save money in the process.
We’d love you hear your top tips for running and maintaining a classic care so why not leave a comment below or message us via our many social media outlets.