Finding insurance for young drivers in a classic car is not always simple, but it can certainly be done.
TIPS FOR YOUNG DRIVERS
Given their lack of experience and statistically poor track record in terms of accident-free driving, young drivers generally have to pay more for their insurance. We asked RH Specialist Insurance (www.rhspecialistinsurance.co.uk) for their advice on a number of points that could affect insurance for young classic car drivers.
Q: There always used to be big drops in insurance premiums when you turned 21, and then again when you reached 25. Does that still hold true today for classic car drivers?
A: With Classic Car Insurance, drivers under 25 are looked at on an individual basis and priced according to their experience and the type of car. As experience is gained, then RH’s premiums are reviewed accordingly.
Q: Where do you draw the line between classic and non-classic, and what difference does it make to a policy if your car is classed as ‘a future classic’ or ‘an emerging classic’ etc?
A: On the whole a vehicle needs to be over 10 years of age, but other factors are taken into consideration so some younger vehicles can be insured as classics. A lot of it comes down to how the vehicle is being used.
Q: What sort of percentage reductions can you expect with limited miles on a classic policy – does, for example, 3000 miles make an appreciable difference compared to 5000 or is it marginal by that stage?
A: Normally this doesn’t provide a significant difference, but you obviously help make a saving by restricting to a lower mileage.
Q: Some people may wish to run something like a Triumph Dolomite 1300 or a Triumph Acclaim as their only car, particularly youngsters who can’t afford a second car. Is it possible to insure a classic like that as an only car, or will companies want to see a second more modern car as a daily driver?
A: Without having the use of a second car, it would be treated the same as a private (everyday) car as it is being used as one.
Q: Are there any lower age limits for drivers to get classic insurance, or can virtually any scenario be catered for?
A: For younger drivers, they must have held a full licence for a minimum of 12 months with no claims or convictions. The vehicle and the use of it also has to fit the Classic Car Criteria.
Q: What sort of difference does it generally make to premiums if a car is kept on the drive as opposed to in a garage?
A: Depending on the area, it could be a combination of premium and/ or acceptability. In some areas there won’t be a change in premium.
Q: New cars are very sensitive to engine size and sporting pretensions with regard to premium rises; is the same true on the classic market, or do the other factors assume much greater importance?
A: Classics are not as sensitive as a private car, but it is still a factor that is considered.
Q: What modifications do insurers generally dislike, and which ones are they generally fine about?
A: There are a few that are not supported, such as Nitrous Oxide. Non-performance enhancing modifications are generally OK, but ones that increase performance are likely to generate additional premium and terms. They are, however, all looked at individually.
Q: What minor changes might an owner not think to inform their insurer about, but which could affect a claim?
A: Anything that is not standard to the vehicle has to be disclosed. We don’t charge administration fees to make changes, so the client would only pay extra if the modification or change altered the premium. The answers given above pertain to insuring with RH only and might not be true for the whole market.