Classic car insurance

Motoring enthusiast? Then you probably take your car insurance very seriously. And why wouldn’t you? The gentle purr of the engine, the hand built precision, the walnut interiors and the sheer beauty of the spectacle. These beauties were built to last weren’t they? We hear you. And so do the insurance companies that specialise in exactly what you collect.

Too large to fit in your trophy cabinet but no doubt you have your best bud safely tucked away in the garage, which inadvertently lowers your premium. And what’s the bet your garage isn’t a hoarders heaven of useless junk?

If you’re like some of us at Mozo, the garage that you store your classic or vintage car is the perfect abode with no chance of anything falling on it and plenty of room to walk around it. But did you know there’s a difference between your classics, your veterans and your classic cars? Yep. You guess it. Let’s go into below.

Common questions about classic car insurance

Do I have a veteran, classic or a vintage car?

If you know your classic Mustang from your vintage Hot Rod, then you probably don’t need us to explain any further. But for those who still get a little confused don’t worry, you’re not alone. It may be obvious to some and terms can sometimes vary around the globe, but in Australia car insurance companies will generally stick to the following classifications:

• Veteran
• Vintage
• Classic
• Built pre-1919
• Built between 1919 to 1930
• 15 years old or more

Who can I trust to insure my precious car?

Traditionally, serious collectors will reach out to specialist car insurance companies who vow to understand you more than any other. In fact, not so long ago, regular car insurance companies would shy away from insuring any vehicle other than your regular vanilla types. So motor enthusiasts had no real option other than to go to a specialist like Shannons.

However these days, there are not only more independant car insurance companies who will cater for your historical chunk of fancy metal, but the big guns like NRMA are certainly catching on and discovering the value in spreading their wings and catering to a wider audience.

Names you can depend on

It’s difficult to know who to turn to when it comes to insuring your collectable car while getting the best deal out there. Mozo have tried and tested a whole lot of insurers around Australia. Mozo compares over 35 car insurance companies and you can too. Just use our car insurance comparison tool to find out which insurer is interested in insuring a veteran, vintage or classic car while working out which will best suit your budget.

What happens when I insure my collectable vehicle?

You’ll need to decide on either comprehensive or third party property. But judging on how important your beautiful car is to you, you probably want to go comprehensive. All. The. Way. Whether you sign up with a motor specialist insurer or a regular car insurance company, you will need to have pre-purchased you CTP greenslip first. Not sure what that is? Mozo explains it here: [Mozo CTP info - insert link]

Shopping around for the best CTP price for your personal situation is easy with Mozo’s CTP comparison tool. don’t have time to shop around for the cheapest CTP? Rest assured, the company you purchase your comprehensive insurance with will likely have CTP to purchase as well. Great! Then ready, set, go!

What does my comprehensive car insurance cover?

You may notice that comprehensive car insurance for vintage to classics may be a little different to your regular comprehensive car insurance, but there’s also a lot that’s very similar like up to $20 million injury cover to yourself or other persons including property that is damaged if you’re the cause of the accident. Here’s a few of the other basics your comprehensive policy may cover you for:

• agreed value - nothing new here. However keep in mind that you may see more value in your vehicle than it’s actually worth. So if the premiums are higher than you expect to pay, you’ll understand why. Just by adjusting your subjective car value will also adjust the premium you pay for the better.
• repairer of choice - pretty cool that you can go to the panelbeater and mechanic that you’ve been seeing for years. Especially if they know your car better than anyone, even you! But be weary of higher premiums if you do choose your own repairer. But then again, you wouldn’t have it any other way, right?
• salvage options - sorry to hear it’s a write off. But the kinda good news is that you may even get to keep the wreckage. Yes, it may break your heart to see your pride and joy mangled, but if you intend on using the insurance money to replace it or work on a similar vintage beauty, then you could salvage some of the parts. Gone, but not forgotten.

Motor insurance features and important tips:

What we’ve discussed already is just the basics, the starting block and only the beginning. In fact, Mozo recommends that you get more more more. But think long and hard about each additional feature and what it means for you. If you’re insuring a vintage Harley, you’re not going to need windscreen cover, get the drift? Here are some of features and tips you may want to consider with your basic comprehensive:

Car hire

If you’ve ever been in the position where you’ve felt stranded without your own mode of transport while your vehicle is getting repaired, then vehicle hire as part of your policy will sort you out. This is usually capped to a certain amount or days, so check with your insurer and weigh up if it’s worth your while in the first instance.  

Tip: If you’re happy as Larry hiring a $50 car per day yourself, then you may not need to waste money on this feature.

Repair guarantee

Usually offered if you go with your insurer’s recommended repairers. Sometimes even a lifetime guarantee on the repair made.

Tip: Check the fine print on this one. Mozo never trusts ‘lifetime guarantee’ as there’s probably a loop hole that you want to plug up or opt out of. Read the fine print before signing up.

Emergency repairs and accommodation

Apparently this is an option some car insurers will help you out with. But there’s usually small print that goes along with it, like you needing to be 100 km or more away from your recorded residential home. Don’t get too excited about how much they’ll cover you for either. Some will offer up to $500 for repair and $500 for accommodation. What if the local repairer isn’t available for 2 days and the accommodation is $300 per night? Might be better off towing it home.

Tip: You need to weigh up what you need here - can you pay for it yourself? Seeing as it’s an old beauty, it probably needs more than $500 worth of work. Our little tip here is you could save on the premium for this little feature and pay for what you need done when your vehicle needs it. Problem solved. Now where’s that spare credit card…

Windscreen repair or replacement

Not too bad of a deal, as long as it’s an affordable extra. Regular windscreen insurance premiums on regular cars is loose change per year, but for a collectable?

Tip: Compare the price of replacing the windscreen out of pocket as opposed to paying hefty premiums for you specialist needs. You may save more than a few dollars not opting for this feature. Up to you of course.

What happens when I make a car insurance claim?

Firstly, if you’re involved in an accident with another vehicle or property and you’re at fault, then it’s up to your insurer to qualify you for the claim and therefore accept your claim. Remember, if you were found to be intoxicated at the time of the accident that you caused, your claim and policy becomes void.

If your insurer accepts your claim, these will typically be the next steps:

1. The excess amount will be advised.

2. A claim number will be issued.

3. An address of the nominated repairer or the repairer chosen by your insurer will be established, depending on the policy you signed up for.

4. A quote may be needed to be sent to your insurer by you or your repairer for approval before repairs begin.

5. A comparison quote may be requested and or the insurer’s assessment team may inspect the vehicle(s) and or property damage.

6. Repair or payment amount will be determined.