Price Of Insurance For A Classic Car

Historic vehicles can be designated as such once they are 25 years old from their first registration, and if they are insured under that catalog, they will only be able to drive 5,000 kilometers per year; They also have advantages such as that they are exempt from paying the Circulation Tax and that they pass the ITV every five years, not a year

It is often thought that the price of classic car insurance is not the most important thing. We believe that the pleasure of driving an automobile jewel on the roads of Spain is the most comforting.

What is a classic car?

It is a vehicle that exceeds 25 years from its first registration. It becomes historical when, in addition to the time passed since its acquisition, it is included in the General Inventory of Movable Property of the Spanish Historical Heritage. Another option is to declare it of cultural interest.

They must be collectible vehicles. According to the European Union, these cars preserve the industrial heritage of the period during which they were built.

Official documentation

The historical vehicle regulations of July 1995 require official documentation proving the identity and address of the owner, who will also be the owner of the insurance.

Historic vehicles, a heritage

An official laboratory endorsed by the industry council of the autonomous community must prove the condition of a historic vehicle. Through this resolution, the automobile may be incorporated into the catalog of historic vehicles.

Among classic cars, the Talbot Sunbeam Lotus belonged to one of the extinct car brands.

Once the resolution is obtained, the next step is that the car must pass the Technical Inspection of Vehicles (ITV) ; The last requirement is good car insurance.

The fondness for these popular classics is growing. More and more clubs, rallies and competitions are devoted to this type of historic car. Motorcycles, vans, and commercial vehicles are also considered historic.

Insurance, by law

A collector’s car requires special treatment. By law, you must have insurance, at least civil liability, that covers damage to third parties; but there are special policies that cover them and that must meet certain requirements.

Whoever takes the policy must be the owner, over 25 years old, holder of a valid driving license for at least two years. Annual driving should not exceed 5,000 kilometers; the owner must have another vehicle for regular use and the classic or historic must be kept in a garage.

Automotive jewelry, risks

The accident rate and the mileage are usually much lower than the rest of the vehicles, but they are not exempt from damage. Insurers have some special risks; As they are car jewels and because they lack new security systems, the chances of theft increase.

Classic: Alfa Romeo C52 Disco Volante 1952

A classic like the 1952 Alfa Romeo C52 Disco Volante represents the elegance, sportiness and originality of a sports car concept ahead of its time.

Repairs are usually very expensive. These are unique vehicles, whose repair costs and time will be higher, and parts may be in short supply. Also, age can cause them to break down more often.

Investment opportunity

These cars are an investment opportunity. If they are in good condition and have a significant annual return, they will appreciate each year. The insurance must collect the historical value, which will increase the cost; do not forget that these are collector vehicles.

Offers on insurance for classic or historic cars

Each insurer has its peculiarities and can offer additional services. Some classic car insurance covers weddings, fairs and vintage car rallies. There are companies that value that the driver is part of federated classic car clubs in Spain.

They do not pay the Circulation Tax

Classic or historical vehicles do not pay the Traffic Tax, as they have a 100% discount. The Technical Inspection of Vehicles (ITV) is carried out every five years and not annually, like the rest of cars older than 10 years.

Price and policy comparator

An insurance comparison is recommended, before hiring a policy. There are several portals that help to analyze the advantages, possibilities and disadvantages of the main insurance companies and their coverage.

The ‘Retro Málaga’ was attended by two clubs of the legendary Mazda MX-5 roadster, known as Miata, of which about 25 copies attended.

The price of insurance for a classic car requires real cost strategies, such as extending coverage to risks such as theft, accidents or eventualities. There are companies specialized in policies for this type of car.

A complete contract

Insuring a vehicle with the best price for a classic car insurance implies signing a contract that is as complete as possible. These are specific and specialized policies that meet the demands of today’s world.

Each car has its needs, and each driver decides the risks that he assumes and those that he shares with his insurer; there are many options, depending on the preferences and needs of each user.

Advantages in the UK

In some countries there are advantages for this type of special classic vehicles. From 20 May 2018, vehicles manufactured or registered more than 40 years ago may be exempt from periodic testing or inspection in the UK.