How to insure your classic car correctly
11 August 2020, text: Hansjörg Ryser, Foto: Depositphotos
Some can only manage mountain passes at a leisurely pace, while others come into their own around a racing circuit. But all of them fill their owners with pride. There is a lot of passion in a classic car. So it is all the more important to insure these special vehicles with tailored insurance against possible damage.
The collector’s value is crucial
While some conventional cars lose their value over time, classic cars increase in value. This makes all the difference when it comes to insurance. For comprehensive cover, insurance experts determine the collector’s value, which then remains valid for a certain period of time – usually seven years. Personal contributions can be included in the estimate. An increase in value of up to 30 per cent is even taken into account if the vehicle increases in value during this time.
Classic car: approval after 30 years
For a car to be insured as a classic car, it must generally be approved by the vehicle licensing office as a veteran vehicle. The conditions for this are that it must have been first registered at least 30 years ago and that you do not drive any more than 3,000 kilometres per year. With some insurance companies, classic car insurance can even be taken out for younger cars.
Just in case: assistance for towing costs
In addition to comprehensive insurance, Helvetia’s experts also recommend taking out parking damage insurance and assistance insurance, which covers the costs of towing and accommodation in the event of a breakdown. Motor legal protection can also be useful. Accessories are included in many classic car insurance policies. In addition to the usual benefits, partially comprehensive insurance should include paint damage caused by unknown third parties, breakage of vehicle glass and also damage caused during transportation on a trailer.
If classic cars are not driven on public roads, they can be insured with location cover. If a collector’s vehicle only leaves the garage during the warmer months of the year, its owner can also suspend the insurance for a few months.