Owners of a classic car want nothing more than that their precious and cherished property is in good hands when there is an external calamity or damage due to an accident. Various insurers have been offering for years car insurance for oldtimers and youngtimers who cover these risks.
Essentially, these car insurances have a different design than the variants that are offered for, say, regular fleets. There are various providers that offer car insurance for classics and youngtimers, and most know the well-known choice modules. It is usually possible to take out liability insurance, liability insurance with limited hull coverage or a combination of liability and full hull coverage. Nothing new under the sun. In addition, owners can also take out insurance in combination with additional coverage options. Consider, for example, damage to occupants 'or passengers' insurance, vehicle assistance at home and abroad or accessory coverage. The differences with the non-classic insurance policies are especially visible in the conditions.
The old-timer insurer will not quickly allow a car or motorcycle to be rented by a private individual. But also think of things like the annual mileage. Various insurers make the condition that a maximum number of kilometers per year may be driven by car or motorcycle. A mileage of 5.000 or 10.000 kilometers per year is often used as a restriction with these car insurance policies. Youngtimer insurance usually has more stretch in the annual mileage. This can, for example, be set at a maximum of 20.000 kilometers. Regarding age, the providers of these car or motorcycle insurance policies often abandon the legal old-timer standard. The minimum age is often set at 20 or 25 years, but an old-timer in the making (10 years and older) may also be insured on a classic insurance policy. With youngtimer insurances, a minimum age of 10 years and older is a starting point. Those who drive regularly or use a youngtimer for business purposes would do well to immerse themselves in the providers of car insurance for youngtimers.
What coverage, what conditions
In addition, most classic and young-timer insurers reimburse the full value of the limited airfare and full-fare forms. In that case, assume that the insurer of your choice requires a valuation report. These reports usually have a certain validity period. With a long ownership of the classic or young timer, a re-evaluation is therefore at least worth considering, in order to provide an answer to any increased or decreased value of the older cars or motorcycles. As a rule, it is in any case advised to insure a car or motorcycle with a high value in any case properly and fully.
When taking out an old-timer or young-timer insurance policy, keep in mind that damage resulting from participation in rallies is very often not covered, not even by means of an event clause. These restrictions also apply to participation in specially marked journeys, although in certain cases relaxed conditions may apply. Think of a restriction on the maximum speed.
Multiple classic motor vehicles on one policy
Various insurance companies offer collective policies for classic and young-timer enthusiasts who own several motor vehicles. It is then, for example, possible to choose a separate cover for each vehicle and to obtain a green card. In these cases, a condition may be that a maximum number of kilometers may be covered per policy instead of per car or motorcycle. Several people can, however, be regarded as a regular driver, but that of course differs per provider.
Premium is important, conditions are more important
The premiums for an oldtimer or a youngtimer are different per insurer. Often the premiums for this car insurance are lower, because of lower mileage and good care of the owners, there are fewer risks. Comparison on premiums, however, is not always advisable in relation to motor insurance. In particular, the conditions and the tailor-made solutions that insurers can offer are in relation to the cherished properties that are worth considering. Consider, for example, the inclusion of claim-free years, the deductible, the conditions for use and all matters that fall under the cover.
There are of course more things that can play a role. Ask for the policy that best suits the insurers and the specialists in the field of vintage car insurance. The internet also offers a lot of relief.