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Why classic car insurance could save you hundreds annually

Your 1963 Jaguar could cost just €83 a year to insure—if it meets strict rules. Here’s how to unlock savings most drivers overlook.

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2 min read
The image shows a map of Frankfort, Kentucky, with text detailing the insurance of the city. The...
The image shows a map of Frankfort, Kentucky, with text detailing the insurance of the city. The map is detailed, showing the streets, buildings, and other landmarks of the area. The text provides additional information about the insurance, such as the type of insurance available, the cost of repairs, and the benefits of using it.

Why classic car insurance could save you hundreds annually

Classic carmax insurance offers unique benefits compared to standard policies. These specialised plans often cost less while providing broader protection for older vehicles. But not every car—or owner—qualifies, as insurers set strict rules on age, value, and usage.

Most classic car policies cover parts removed during repairs and reimburse damage to spare parts stored at home. Unlike standard insurance, they automatically account for appreciation in value over time. Owners also keep their no-claims discount for other vehicles, even if they never build one up for the classic itself.

Insurers simplify pricing by removing no-claims bonuses, regional risk classes, or vehicle type classifications. Instead, classic cars are placed in the most favourable premium category from the start. However, requirements differ between providers. Some demand an official valuation report from a certified expert, like Classic Data, with appraisals no older than a year at policy purchase.

Vehicle age is another key factor. While some insurers require a minimum of 18 to 30 years, three providers impose no age limit at all. Eleven out of 17 also set minimum value thresholds, ranging from €3,500 at HDI to €15,000 for 'youngtimers' with Hiscox.

Mileage limits vary widely too. BavariaDirekt restricts drivers to 6,000 km annually, while OCC allows double that. Four insurers skip mileage caps entirely. Regular updates on the car’s value and restoration work are essential to maintain proper coverage as the vehicle appreciates.

For example, insuring a 1963 Jaguar E-Type 3.8 Roadster valued at €159,000 requires quotes from specialists like geico or Lancaster Insurance. Prices depend on driver history, location, and usage, so comparing options via sites like Confused.com ensures the best deal.

Classic car insurance can cost as little as €83 a year for fully comprehensive cover. The savings and tailored protections make it an attractive option for eligible owners. But strict eligibility rules and documentation requirements mean drivers must check their car and policy details carefully before applying.

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