Insurance premiums! It’s all very frustrating; we have to pay them, it’s the law. So why do they never seem to be fair? It almost feels like we’re being held to ransom. Never fear, help is at hand with Heritage tips to lower your classic car insurance premium.
It’s time to fight back with Heritage classic car insurance. Here are some practical tips on how to get the best from your insurance policy and help lower your classic car insurance premium.
What insurance cover do you need?
Firstly, it’s always advisable to think about what you need from your insurance when it comes to helping lower your classic car insurance premium. You could find that what is being sold to you doesn’t meet your specific requirements. What’s more, you could be paying for benefits you don’t really need.
Your insurance policy will include a compulsory excess. This is the amount you will have to contribute towards a claim made against your insurance. The amount will vary depending on what you are claiming for; for example a windscreen claim may include a £70 excess, a fire or theft claim may include a £100 excess. Accidental damage excess can be proportionate to the cars value and usually starts at around £100. The accidental damage excess can also be increased voluntarily and in turn allow you to lower your classic car insurance premium further. This means the more excess you are willing to add, the more discount will be deducted from your insurance premium. Of course there are limits to the amount of excess you can carry. You will need to consider the difference, don’t forget your premium may be £50 cheaper but if you had to claim, your £300 voluntary excess contribution is a heavy dent in your pocket.
Who drives your car?
Think about who drives your car, more to the point how much extra you could be paying to allow someone to drive your car. Restricting the driving entitlement on your insurance policy will also lower your classic car premium, think of it like this; the more people allowed to drive, the more time your car spends on the road and the higher the risk of an accident. Insured only or insured & spouse restrictions will be less expensive than insured and four named drivers so keep it down to a minimum.
How many annual miles will you travel?
The amount of miles you travel annually can again effect how much you pay. Many insurance companies provide limited mileage options especially on classic car or specialist vehicle insurance. This will help lower your classic car insurance premium. Choose a mileage restriction that suits you and don’t pay for more miles than you need. Be realistic however as although you may be able to increase your mileage at a later date you could pay more premium than if you allowed for the extra mileage from inception due to mid-term charges.
How is your security looking?
Vehicle security will also lower your classic car insurance premium as well as lessen the risk of your car being stolen. Additional security products such as immobiliser’s and GPS trackers may warrant a discount, as long as they are recognised and conform to certain standards. Incidentally at Heritage Insurance we are offering a Skytag GPS tracker to all of our customers absolutely free of charge. Why not take a look at our website for more details.
If you’re a motoring enthusiast then you are no doubt a proud member of a classic car club. But did you know that this too could lower your classic car insurance premium by as much as 15%, not to be sniffed at I’m sure you’ll agree. If you have a garage then instead of using it to store stuff (guilty) put your car in it overnight as this could also reduce the price you pay.
What do you use your vehicle for?
Many insurance companies may offer an extra discount to restrict how your vehicle is being used. If you only use your car for social, domestic & pleasure purposes and do not use it to commute to and from work then you may find you could pay less for your insurance as not all policies charge the same. Be accurate when declaring the value of your vehicle as by over exaggerating may restrict your options for the best insurance quote. Most policies have what’s called an indemnity limit which refers to the value of your vehicle. This is effectively a restriction to how much they can insure a car for; for example if your car was worth £20,000 and you decided to insure it for £25,000 you could be limiting yourself to less quotes, in turn giving yourself less chance of a competitive quotation as many insurers may have an indemnity limit of £20,000. So be realistic and keep your options open.
Why not give us a call at Heritage Classic Car Insurance. Our team of experts will ensure you get exactly what you need from insurance policy without paying for the things you don’t. You will also be appointed with your very own Personal Client Manager who will be there for you as a point of contact, so you won’t be past from pillar to post like some insurers. Call us now on 0121 248 9229 for bespoke insurance designed with the car enthusiast in mind.
Insurance premiums are inevitable and for good reason. However in order to lower your classic car insurance premium it is important to have a little bit of knowledge behind you to help you decide what’s right for you and what’s not. As this could be an expensive lesson learned.