Classic car insurance

By Olivia Gee ·
Classic yellow car with 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. We hear you. And so do the insurance companies specialising in exactly what you collect.

It's probably 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

But did you know there’s a difference between your classic, vintage and veterans cars? Let’s get into after you compare a few comprehensive policies.

Car Insurance Comparison Table - page last updated November 01, 2020

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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. 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 would reach out to specialist car insurance companies who vow to understand their needs best. And there are now more independent car insurance companies who will cater for your historical chunk of fancy metal. But slowly the big guns like NRMA are 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 has tried and tested a whole lot of insurers around Australia, so start by using our car insurance comparison tool to find out which insurers cover veteran, vintage or classic cars with policies within your budget.

What happens when I insure my collectable vehicle?

You’ll need to decide on either comprehensive or third party property. But as a collector, you probably want to go comprehensive. Whether you sign up with a specialist insurer or a regular car insurance company, you will need to have registered the vehicle and purchased CTP first.

What does my comprehensive car insurance cover?

You may notice that comprehensive car insurance for vintage and classics may be a little different to a regular policy, but there’s also a lot that’s very similar. Here’s a few of the basics your comprehensive policy may cover you for

Repairer of choice. It's pretty cool that you can go to the panel-beater and mechanic that you’ve been seeing for years. But be weary of higher premiums if you do choose your own repairer.
Agreed value.
Nothing new here. However, 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. Adjusting your subjective car value will also adjust the premium you pay for the better.
Salvage options. 
Sorry to hear it’s a write-off. But the good news is you could keep the wreckage. 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 thus far is just the starting block of car insurance. Now it's time to 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 comprehensive cover:

Car hire

If you’re left stranded while your vehicle is getting repaired, then car 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.

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

This is usually offered if you go with your insurer’s recommended repairers. There's sometimes even a lifetime guarantee on the repair made.

Tip: Check the fine print on this one. When many policies say ‘lifetime guarantee’ there’s often a loophole you'll want to plug up or opt out of.

Emergency repairs and accommodation

There’s usually fine print that goes along with this, like you needing to be 100km 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 $1,000 for accommodation. 

Tip: You need to weigh up what you need here. Seeing as it’s an old beauty, it probably needs more than $500 worth of work. You could potentially save on the premium for this feature and pay for what you need done as the crow flies.

Windscreen repair or replacement

This isn't a bad deal, as long as it’s an affordable extra. A regular windscreen insurance premium on a regular car is loose change per year, but check what it'll be for a collectable.

Tip: Compare the price of replacing the windscreen out of pocket as opposed to paying hefty premiums for your specialist needs.

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. Remember, if you were found to be intoxicated at the time of the accident 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 need to be sent to your insurer by you or the repairer for approval before work begins.

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

6. A repair or payment amount will be determined.

Make sure you're getting the best bang for buck by comparing car insurance policies with Mozo.

*Any information provided on this page should be considered a summary and general advice only. All information should be verified before purchase via the relevant Product Disclosure Statement (PDS).

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Olivia Gee
Olivia Gee
Money writer

As one of Mozo’s money writers, Olivia Gee shares her research and insights across banking, insurance and property to help readers save. She loves getting stuck into a story, unveiling all the facts, breaking down stats and drawing on personal experiences - this is what drives her as a journalist. She has a double degree from the University of Wollongong, with a BA in Journalism as well as Media and Communications.