When does a car become a classic car for insurance purposes?.

When does a car become a classic car for insurance purposes?.

Oldtimer insuranceOldtimers and now also many so-called youngtimers are cherished and cared for by their owners. Thousands of hours of work and a lot of money often go into restoring these treasures to their original condition. This makes it all the more annoying when damage occurs during a short joyride or participation in a classic car tour. Because spare parts are expensive. Difficult to obtain. A simple car insurance including comprehensive cover is rarely sufficient in this case. For the collector's items it should already be a special classic car insurance policy.

When does a car become a classic car for insurance purposes??

However, in contrast to the usual policies offered for new vehicles and young used cars, classic car insurance is subject to a number of conditions. They primarily concern the age of the vehicle, but also its condition and current market value. Although the definitions for vintage and classic cars vary from insurance company to insurance company, they are all at a comparable level. The term youngtimer generally applies to vehicles that are at least 25 years old. The decisive factor is the year of manufacture or, in some cases, the date of first registration. For classic cars, the specifications range from 30 to 40 years, depending on the insurance company, although some companies also use the designation "classic". The situation is similar for motorcycles.

Valuation and condition as the basis for the contract

Apart from the age it depends to the insurance also on the exact condition of the vehicle. Owners who give a model from the 1960s a modern makeover and bring it up to the latest technical standards are not entitled to classic car insurance. It is only offered for cars that are in original condition or as close to original as possible. The own estimation does not play a role. The insurance companies require particularly with high-quality vehicles. Expensive vehicles an expert opinion from an independent expert. The expert must specify not only the condition, but also the current market value. Due to the sometimes rapid price development, the value appraisals must not be older than one year and should be commissioned regularly. This is the only way to adjust the insurance coverage at any time. If the value is less than 3.000 euros, the policy for classic cars may be rejected.

The comprehensive insurance is mostly obligatory

In addition, the contract is only concluded if there is another vehicle suitable for everyday use in addition to the classic car. If you only drove your sweetheart, the risk would be too high for the insurance company. Nevertheless, the protection of the motor liability applies-. The hull insurance all year round. The premium is not based on conventional tariff groups, type or regional classes. In the area of liability, the power (kW or HP) of the car is the main factor. In the case of comprehensive cover, which is usually mandatory for classic car policies – exceptions exist for vehicles with H license plates – the value of the classic or youngtimer is the decisive factor. Whether a full or only a partial insurance is concluded, is up to the customer. Since the conditions and premiums are quite different, a rate comparison is worthwhile even for oldtimers.

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