Old-timer insurance policies are often cheaper than standard car insurance. Whether the car is actually seen as a vintage car differs per insurer. Would you like to know more about classic car insurance and how best to compare insurance? Then read on quickly.
What is an old-timer?
A classic car is a classic vehicle. In general, a car is only considered an old-timer when it is older than 25 years. This definition is also used by the tax authorities. When you are looking for old-timer insurance, it is good to know that some insurers work with the term ‘young timer’. They treat cars that are 15 years old as a young old-timer. Different and favorable tax rates often apply to old-timers. These rates depend on the age of the car and the fuel.
Just like all other cars, a classic car must also be legally insured. You can of course also choose to take out All-risk insurance, which also covers the costs of your own damage. When comparing different insurers, always read the conditions: the coverages can be different. You can choose from two rates for a classic car: the annual rate and the summer rate. With the annual rate, you can drive all year round. With the summer rate, you are only allowed to drive during summertime (which runs from the last Sunday in March to the last Sunday in October).
Important: classic car insurance policies have a different premium structure than standard car insurance policies. The age of the driver is not taken into account and the current value of the car also plays no role. This is because the damage is paid on the basis of the appraised value. It is therefore important that a classic car is appraised every 3 years. Is the age of the classic car increasing and is the appraisal value higher? Then the premium is probably also higher. Note: Some insurers work with fixed premiums.
Classic car or semi old it mar insurance?
Before you actually start comparing old-timer insurance policies, it is important to be aware of the strict conditions of old-timer policies. These strict conditions have to do with the fact that classic car insurance is cheaper than standard car insurance. This is because a classic car makes fewer kilometers so that the chance of damage is smaller. Some examples of the conditions are:
- You must own a normal car for everyday use
- A minimum or maximum age of the insured person
- You are allowed to drive a limited number of kilometres per year, for example a maximum of 5000 km
Do you want to drive around in your classic car every day? Then you need a semi-classic or semi-old-timer insurance. These insurances are more expensive compared to normal old-timer insurances.
As you have read, there are several things that you should take into account when taking out old-timer insurance. Take your time to different insurers to compare, so you ultimately choose an insurance policy that fits perfectly with your classic car.