Classic car insurance is a specialised insurance sector and most mainstream motor insurance companies look to do their business in the mainstream sector. This is because 'standard' vehicles and 'standard' customers offer the least risk and the least effort, ensuring that expenses are kept low and therefore profits are kept high. So, for those wanting to insure a performance, classic or commercial vehicle, specialist providers are often the way to go.
Drivers of classic vehicles certainly fall into the specialist category that find it difficult to get the right cover from the typical insurance market. Many of their requirements are simply not covered by the majority of the market.
Classic vehicles, by their nature, are usually expensive and at higher risk of fault due to their age. They also do not have the modern driver assist technologies that make safe driving easier. These are features that mainstream insurers do not like. They represent higher risk, as classic vehicles are usually more expensive to repair, and are potentially more prone to being involved in accidents, representing a higher financial risk to insurers.
Dedicated classic car insurers will be able to offer the necessary cover without you having to break the bank. They can employ their specialist and industry knowledge to manage risk and therefore produce affordable coverage in a way that the mainstream insurers cannot.
When taking out classic car insurance, you must decide what level of cover to get. As vehicles in this specialist sector tend to be expensive and of high value to their owners, many specialist providers will only offer comprehensive cover. However, some can also provide third party and third party, fire and theft.
Once you have selected the level of classic car insurance cover you require, it is worthwhile exploring the other benefits on offer from classic car insurance specialists. Unlike most of the inflexible mainstream insurers, specialists can offer further premium reductions through applying their specialist understanding of the classic car sector. For example, many classic car drivers are enthusiasts who are members of driving clubs. Many classic car insurance providers offer extra discounts to club members. Furthermore, as classic vehicles are often only used for recreation, entering into low mileage insurance schemes can reduce premiums. Premiums can also be discounted by adding additional security devises and by the owners ensuring that their classic vehicle has a strong maintenance history. These measures reduce the risk of theft and accidents, so reducing the insurance company's exposure.
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