When you want to take out classic car insurance, your car must meet specific conditions. It is possible to obtain regular insurance for your classic car, but this is often less advantageous. Here’s what you should keep in mind when getting insurance for your classic car.
Classic Car Insurance vs. Regular Auto Insurance
It is advisable to take out a specialized classic car insurance policy for your classic car. Why? With regular auto insurance, the value of the car is determined based on its market or replacement value. However, for a classic car, you cannot assess its true value this way. Instead, you need to consider the appraised value of the vehicle, which is taken into account only when you opt for classic car insurance. Additionally, such classic car insurance is often considerably more affordable than regular auto insurance.
Classic Car Insurance Premium
The premium for classic car insurance depends on the age and appraised value of your car. Generally, the older and more valuable the classic car, the higher the premium. You can often get a 5 to 10 percent premium discount if you join a classic car club affiliated with the Federation of Historical Automobile and Motorcycle Clubs (FEHAC).
Coverage Options: Liability (WA), Limited Casco, and Comprehensive
Similar to regular auto insurance, you can choose between liability (WA), limited casco, and comprehensive coverage with classic car insurance. You can also add supplementary insurance for things like legal assistance or passenger injury coverage. If you only want liability coverage (WA), it doesn’t matter whether you opt for classic car insurance or regular auto insurance, as this type of insurance does not cover damage to your own vehicle.
Seasonal Insurance
If you only use your classic car in the summer to keep it in the best possible condition, you can also choose to take out insurance for only a few months of the year. This way, you won’t have to pay premiums during the winter and fall when your car is not in use. You can temporarily suspend the registration of your classic car, indicating to the insurer and the RDW (Netherlands Vehicle Authority) that your classic car will not be on the road during this period. Most classic car insurers offer this option, and you can inquire with your insurance provider for details.
Classic Car Damage
With classic car insurance, any damage is reimbursed based on the appraised value of your vehicle. This value needs to be assessed by an appraiser every three years. When making a damage claim, you may be required to pay a deductible of 0, 100, or 150 euros. In some cases, you can buy out this deductible by paying a higher premium. Classic car insurance does not accumulate no-claim discounts, and your insurance premium remains the same after a damage claim. On the other hand, you also do not build up no-claim discounts if you do not cause any damage. If someone else causes damage to your car, you can claim the damages from the other party’s liability insurance.
Classic Car Insurance Requirements
There are several requirements you must meet to be eligible for classic car insurance. Typically, you must be a member of FEHAC, and you are often limited to an annual mileage of no more than 5,000 to 7,500 kilometers. Furthermore, the specific requirements may vary between different classic car insurance policies. Often, factors such as the driver’s age and the usage of the classic car are considered. Additionally, there are usually maximum weight limits for the vehicle, and your car must have a minimum appraised value and belong to a certain brand. If you and your classic car do not qualify for classic car insurance, you can compare and obtain regular auto insurance.
Is Your Car Considered a Classic?
One of the criteria for classic car insurance is that your car must have a minimum age. But how many years does it take for your car to be considered a classic? This varies between insurance companies. Some insurers classify a car as a classic after 12 to 15 years, while others consider it a classic only after 20 or 25 years.
Classic Car Road Tax
Classic cars usually do not require road tax. However, the age threshold for classic cars is generally stricter than that for classic car insurance. Until 2012, a car was considered a classic when it reached 25 years of age, but now it must be at least 40 years old to qualify as a classic. For classic cars that were already over 25 years old in 2012 but have not yet reached 40 years, there is a transitional arrangement, allowing for a maximum of a quarter of the applicable motor vehicle tax (MRB) to be paid. However, various conditions apply to this arrangement, such as the requirement to store the vehicle indoors during the winter. This transitional arrangement does not apply to cars that run on diesel or LPG.
