For the rebellious among us, the Goodwood
Revival, which takes place this year on September 13-15, is a
salivating, lusting experience: all those wonderful classic
cars making exhaust noises that on new models are thoroughly
illegal, pushing out CO2 at non-PC levels, and which have safety systems
that at most involve just a brake pedal.
How wonderful, you may think, to kick over all those wretched, nannyish, namby
pamby health and safety regulations and just own and drive a car that takes
your travel back to basics.
It can be anything from a Ford 8 Model Y (£100 when new) to a Jaguar D-Type
but apart from buying the machine and maintaining it, there is another very
significant aspect to consider: insurance.
For years I insured my – now elderly - Porsche 911 through a large insurance
broking firm. Initially treated as a regular daily driver, it had an
unlimited mileage, business use, two named drivers, fully comprehensive
cover that cost between £400 and £500 each year over the best part of a
decade. But two years ago that soared to more than £750.
There was no written explanation, no apology, not so much as a by-your-leave.
Surely some mistake? No. It was due to the increasing number of spurious
claims and the escalating cost of repairs, younger drivers, and many other
factors. None my direct concern. What about the effect of the Arctic ice cap
melting?
Unamused, the broker said that as the car was not used a great deal, around
£500 would buy a limited mileage classic car policy. Give it a go? I was
busy, and agreed.
At last renewal, though, the figure was back to £700. I had covered about 1,500 miles in the car in the previous 12 months, and to put it mildly, it leads a cossetted life. I tried to explain this to my insurer. But in essence I was talking to a flow-chart and a computer. No understanding, no interest: this is what the computer says – and that's that. Hopeless.
So I decided to call some classic car insurance specialists, which led to a quote almost halved from the original: mileage limited to 3,000 annually (it could be increased if necessary) and business use included. The key to achieving this proved to be the ability to talk to people who knew precisely what my car is (a 3.2 Carrera Sport coupé), and how I would treat it.
Among the specialist companies is broker ClassicLine, which employs only two dozen people but looks after around 25,000 classic cars. Director Darren Coote said that unlike some large brokers and insurance companies that are involved with the mass market, including young drivers, van drivers and those with a poor reputation, ClassicLine's clients own cars that cover low overall mileages, that are cherished, invariably driven with great care, and not parked in dodgy areas. Owners often belong to established marque clubs and most are aged between 35 and 70, says Coote, "So we can offer exclusive schemes that are not available elsewhere. And our rates have risen little over the last few years. For example, 10 years ago a Triumph TR6 would cost from about £85-£90 to insure. Today it's from £100."
Why? "Because a TR6 owner is unlikely to use his car as a daily driver. Statistically it will rarely go out in the wet and it's very much for Sundays and special days only," Coote adds.
It's the same for exotic Ferraris and Lamborghinis, he says. And they are generally cheaper to insure than a 911, as Coote explains: "That is because a 911 is so usable. Even the older ones are practical, reliable, can be - and are - used daily for shopping, commuting and business trips. So, compared with some other exotic models, insurance costs for them can be higher."
ClassicLine also handles current or late model "future classics", such as Mercedes' SL, the Jaguar XK-RS, 911s, or any Ferrari or Maserati. Says Coote: "The proviso is that they are treated by their owners as being something very special, covering less than 6,000 miles a year. We wouldn't be comfortable with 20,000, whatever the car or its age."
Sometimes, regular insurance companies and brokers can be very cautious. The words "Bentley Turbo R" uttered by journalist Simon Harris resulted in a request for £1,000. He had just bought a very smart 1988 Turbo R (price new £110,000) for £10,500: "So I went to a classic car broker who understands cars like mine and why I would own one. Now, my cover is £225 a year for a 3,000 mile limit. But despite its fuel consumption (17-18mpg), I enjoy driving the Bentley so much that I'm likely to exceed that. No problem, I was told, and for an extra 2,000 miles, I expect to pay about £50."
So when it comes to insuring a classic car, it seems that choosing a specialist is the best policy.
At last renewal, though, the figure was back to £700. I had covered about 1,500 miles in the car in the previous 12 months, and to put it mildly, it leads a cossetted life. I tried to explain this to my insurer. But in essence I was talking to a flow-chart and a computer. No understanding, no interest: this is what the computer says – and that's that. Hopeless.
So I decided to call some classic car insurance specialists, which led to a quote almost halved from the original: mileage limited to 3,000 annually (it could be increased if necessary) and business use included. The key to achieving this proved to be the ability to talk to people who knew precisely what my car is (a 3.2 Carrera Sport coupé), and how I would treat it.
Among the specialist companies is broker ClassicLine, which employs only two dozen people but looks after around 25,000 classic cars. Director Darren Coote said that unlike some large brokers and insurance companies that are involved with the mass market, including young drivers, van drivers and those with a poor reputation, ClassicLine's clients own cars that cover low overall mileages, that are cherished, invariably driven with great care, and not parked in dodgy areas. Owners often belong to established marque clubs and most are aged between 35 and 70, says Coote, "So we can offer exclusive schemes that are not available elsewhere. And our rates have risen little over the last few years. For example, 10 years ago a Triumph TR6 would cost from about £85-£90 to insure. Today it's from £100."
Why? "Because a TR6 owner is unlikely to use his car as a daily driver. Statistically it will rarely go out in the wet and it's very much for Sundays and special days only," Coote adds.
It's the same for exotic Ferraris and Lamborghinis, he says. And they are generally cheaper to insure than a 911, as Coote explains: "That is because a 911 is so usable. Even the older ones are practical, reliable, can be - and are - used daily for shopping, commuting and business trips. So, compared with some other exotic models, insurance costs for them can be higher."
ClassicLine also handles current or late model "future classics", such as Mercedes' SL, the Jaguar XK-RS, 911s, or any Ferrari or Maserati. Says Coote: "The proviso is that they are treated by their owners as being something very special, covering less than 6,000 miles a year. We wouldn't be comfortable with 20,000, whatever the car or its age."
Sometimes, regular insurance companies and brokers can be very cautious. The words "Bentley Turbo R" uttered by journalist Simon Harris resulted in a request for £1,000. He had just bought a very smart 1988 Turbo R (price new £110,000) for £10,500: "So I went to a classic car broker who understands cars like mine and why I would own one. Now, my cover is £225 a year for a 3,000 mile limit. But despite its fuel consumption (17-18mpg), I enjoy driving the Bentley so much that I'm likely to exceed that. No problem, I was told, and for an extra 2,000 miles, I expect to pay about £50."
So when it comes to insuring a classic car, it seems that choosing a specialist is the best policy.
No comments:
Post a Comment