Classic car insurance: what to choose?

Musée Monaco

You’ve just bought a classic car and it’s time to insure it! This atypical vehicle benefits from insurance formulas and different rates from conventional car insurance. But then which insurance to choose for your classic car?

What is collector car insurance?

To be considered a collector’s car, it must be 30 years or older. It is therefore a specific insurance which contains services adapted to this type of old vehicle. However, collection or not, insurance remains compulsory, under penalty of a fine of €3,750 in the event of non-insurance and suspension of the driving license for up to 3 years, with possible confiscation of the vehicle.

Also note thata classic car has the particularity of not requiring a technical inspection every 2 yearsbut only every 5 years.

Why buy collector car insurance?

There is a major argument: in the event of an accident, you are reimbursed according to the official collection rating and not that of the argus which will be less important.

Thus, this type of insurance is that it is adapted to the problems of collector cars, less subject to the risk of disaster. Drivers of this type of old vehicle are rather well regarded by insurers. They are more inclined to respect the Highway Code and take care of the condition of their vehicle, often resulting in more cautious road behavior.

The risk of loss being lower, the insurance premium is logically lower than that of a conventional vehicle. Policyholders therefore benefit from offers at competitive prices with appropriate guarantees..

What are the conditions for taking out collector’s car insurance?

The collector’s car is considered an object of leisure and pleasure, and should not replace an “everyday” car. Thus, the first condition required to benefit from collection insurance is to be already insured on another vehicle, and more modern for common journeys.

Regarding the driver, he must be over 21 years old, have held a driving license for at least 3 years. No accidents must have occurred for the past 2 years. You can also find car insurance that imposes a limited mileage in your contract and prohibits the loan of the steering wheel to a third party.

Insuring a classic car with classic car insurance?

It is possible to take out classic car insurance. You will not benefit from all the advantages dedicated to a specific collection insurance, but it is up to you to choose this track. By choosing classic formulas, you can opt for:

  • A traditional third-party insurance : this is very risky. Even if you do a few kilometers with your car, and it sleeps in a garage, this formula is not suitable because the insured vehicle is not covered in the event of an accident at fault or without an identified third party. So, if your vehicle has value, the repair costs could be very high.
  • A third party car insurance plus : this insurance must be seen as the intermediary formula. Your civil liability is reinforced by optional guarantees that you choose according to your profile and your needs.
  • A Back to back insurance. This is the most complete formula, but also the most expensive. It includes all the classic guarantees such as theft and fire, which is practical especially when you have a valuable car. It is advisable to inquire well however because according to the fiscal horses of the latter, the tariffs can fly away.

The key to good insurance is the amount of deductibles. Indeed, in the event of a claim, especially depending on the value, age or rarity of your collector’s car, the deductible can be very high, especially because your car can be expensive to repair.

What are the guarantees of collection insurance?

Collector’s insurance contains guarantees similar to those of classic car insurance, such as:

  • public liability
  • criminal defense and recourse following an accident
  • juridic protection
  • driver safety
  • driver death
  • fire
  • flight
  • climatic events
  • assistance 25 km, 50 km or 0 km
  • damages all Accidents.

However, classic car insurance differs from conventional contracts and contains specific guarantees:

  • Reimbursement according to the official coast of the vehicle, and not that of the argus.
  • The circuit guarantee: certain contracts cover the use of the collector’s vehicle on private tracks.
  • The rally guarantee: allows the insured to participate in car races not exceeding 50 km/h

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