Frequently asked questions – classic car insurance

About your classic car insurance cover

Do I qualify for Classic Car Insurance?

The answer is complicated as the qualifying factors are not just based on the age of the car. Lancaster's sophisticated quote engines assess every driver and make an assessment based on the age of the car, the age of the driver, the vehicle value, annual mileage and other factors.

What are the key differences between classic car and modern car insurance policies?

Premiums for classic car insurance policies tend to be much lower than that of everyday motor policies. There are several reasons for this but ultimately it comes down to a combination of circumstances. For example, people tend to drive far fewer miles and in better weather conditions in a classic car which reduces the likelihood of a road traffic accident in comparison to an everyday car which generally travels far more miles and in all weather conditions. Limited mileage discounts are offered starting from 1500 miles per annum but Lancaster can also arrange cover for unlimited annual mileage use.

Classic car insurance policies do not generally need any no claims discount in order to gain additional discount against your insurance premium. It is assumed that any discount you may have will be in use on your everyday vehicle. With this in mind some insurers will look at your driving and claims history and decide whether to allow any further discount on the premium. This is typically referred to as good driver discount and can achieve a discount of up to 65%

If you have more than one car in your household, insurers appreciate that you can only drive one car at any one time. On this basis the insurer may offer you a second car discount if you have more than one car in your household.

What is an agreed valuation?

In most cases classic cars are generally worth more than the current market value due to the time, attention and cost involved in restoring and maintaining the vehicle to a high standard. For an extra charge you can safeguard your peace of mind that you will be paid a guaranteed agreed amount for the replacement of your vehicle in the event of a total loss claim being made on your insurance. Simply submit an application to Lancaster’s expert valuers along with photographs of your vehicle and you will be issued with a valuation certificate.

What are car clubs?

A car club is made up of a collection of people who have a shared passion, normally for a particular make or model of car or a wide range. Typically each club will ask for a membership form and fee to be submitted in order to join up. Benefits to members vary by each club but can include things like monthly or quarterly magazines, technical tips, access to information relating to recommended suppliers including parts and garages, the purchase of regalia items and books, and details about organised events. As an added benefit Lancaster’s classic car insurance schemes may include additional discounts for car club members.