A car is valuable to any owner, irrespective of its age. However, traditional insurers may not want to take the risk of providing car insurance for a 15-year-old or older car. But, there are other insurers who will.
DISCLAIMER
Because car insurance is not a simple matter, we urge readers to read this article as only a source of information. Should you wish to buy some car insurance, we advise you to contact a certified, financial advisor for professional assistance.
WHAT IS A CLASSIC CAR?
A classic car is usually defined as a car that is 20 years and older, and which doesn’t exceed 10 000 km per year. ‘Modern’ classic cars are classified as being between 15 years and 20 years old.
YOU NEED TO INSURE CLASSIC CARS
There’s no point leaving a classic car just standing in the garage. You would like to drive it around town and enjoy many a trip the ‘old’ way. But, to be able to do that, you require car insurance. Because of the age of such a car, special insurance arrangements need to be in place. After all, normal insurance is for normal cars. You can’t just put your old car onto your own insurance policy and just install a safety belt.
HOW CAN YOU INSURE CLASSIC CARS?
It’s not that difficult to obtain car insurance for a classic car, and premiums can be quite low. But, you need to find an insurer that specialises in old cars. The more you use a car, the greater the exposure your car will have to the dangers of the road, the greater the risk to the insurer, and thus the higher the premium. The insurer will insist that only a certain amount of mileage can be done by your car on an annual basis.
WILL YOUR CAR BE COVERED WHILE IT IS BEING REPAIRED?
Perhaps you should choose to take out third party, fire, theft and loss cover. Obtain cover for those parts that have been temporarily removed.
WHAT IF YOUR CAR IS CONSIDERED A TOTAL LOSS DUE TO AN ACCIDENT?
If your insurer decides that your car is a total loss after an accident, you need to arrange that you have first option to buy any parts that can still be used.
ENSURE THAT YOU CAR’S VALUE IS ACCURATELY ASSESSED
Before insuring your classic car, make sure it will be insured for the correct value. A dealer or club will be able to assist you. However, don’t be too disappointed if the insurance company doesn’t pay out the amount that a dealer or club considers to be the true value.
COMPREHENSIVE COVER MAY NOT BE POSSIBLE FOR YOUR OLD CAR
To get comprehensive cover for your old car may not be possible. Many insurers will only consider third party cover. Don’t consider this as irrelevant, as it at least covers any damage done to a third party’s car, if the accident is your fault. For some additional premium, why not insure the car for third party, fire and theft / hijack? Confirm with the insurer if your car is also covered for any damage incurred during an attempted theft.
YOU CAN BUY AFFORDABLE CAR INSURANCE WITH PMD, PROVIDED YOUR CAR IS NOT OLDER THAN 15 YEARS
The good news is that PMD does provide affordable cover for old cars that are not older than 15 years. Not many insurers are willing to provide such cover. So why not contact PMD? You can buy affordable car insurance using their Online Insurance Purchase Platform. The online process is not difficult and doesn’t take long. You can start at a time that suits you. You can do it from the comfort of your home, and no need to call anyone except if you are stuck. A call-back facility has been made available for your convenience, as well as additional audio and video materials.
Disclaimer:
This article was prepared by Eric Sandmann in his personal capacity. The views and opinions expressed in this article are the author’s own and do not reflect the views and opinions of Prime Meridian Direct (Pty) Ltd, FSP41040.The views and opinions in the article should not be attributed to anyone but the author unless expressly stated. Nothing in this article should be relied upon as advice, this publication is presented for informational purposes only. No person should act or refrain from acting in reliance on any information found in this article, without first obtaining proper financial advice from the appropriate professional. The author makes no claims, promises or guarantees about the accuracy, or completeness, of any information linked from, referred to, or contained in this article. The author reserves the right, to edit and change the content of this article.
When does a car qualify as an Antique, Veteran or Vintage car? https://t.co/2eZu6hsUwj pic.twitter.com/O60WELM5US
— Arrive Alive (@_ArriveAlive) June 12, 2017