How to reduce the cost of classic car insurance

We reveal some of the key areas that insurance companies commonly taken into consideration when calculating the cost of their classic car insurance policies.

If you are looking for a better deal on your classic car insurance, consider the below pointers when speaking to different providers.

Mileage of vehicle

Insurance providers offer per vehicle mileage restrictions or group restrictions covering a number of cars. Naturally, the more mileage you do, the greater the risk resulting in an increased premium. Checking your vehicle MOT history online is a handy way to keep track of your mileage. Cross-referencing this with your mileage record will give you a solid foundation to forecast your mileage at renewal.

Bear in mind as of 20th May 2018, vehicles that are over 40 years old do not require an annual MOT providing they have not been substantially changed in the last 30 years. Search online for details about what constitutes a substantial change. Please note there might be historical MOT information in the government’s database prior to the law changing so it’s worth a check before you forecast your mileage. This method will be more beneficial if you are purchasing a new vehicle.

If at renewal, you didn’t reach your mileage restriction, consider reducing it so long as you are expecting to use the same amount of mileage for the forthcoming year. If you are reaching your limit, contact your insurance account manager to increase your annual limit. It is important to do this before you exceed any policy limit.

Multi car discounts

The more cars on this type of policy, the larger the multi car discounts. This applies across ALL vehicles on a fleet. If you have your vehicles insured separately, specialist multi car insurance brokers can bring them together so that you maximise your multi vehicle discount and create a common renewal date.

Car storage

Review the storage of your cars and how they are protected. For example, consider storing your vehicle in a locked garage rather than a driveway.


The value of your car can also impact the premium cost. Regularly check the value of your vehicles to ensure you are only paying the premium based on the current vehicle values.

Shop around

Like with many services, get quotes from different insurance providers so you can weigh up your options. Even if you have been with your provider for a long time, there are specialist vehicle insurance brokers who may offer a better cover package. Ring around, you having nothing to lose.

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