In contrast to a new car, which loses about 20 percent of its value after just a few kilometers, the situation with classic cars is the other way around. The older the vehicle is, the more valuable it becomes. An expert opinion is required to determine the optimum value here from an actuarial point of view.
Here the value can increase from year to year and for this reason the former purchase price can not be applied as basic insurance, as with a new car after an accident or theft. A classic car that once had 30.The system, which cost DM 000, can now easily sell for DM 120,000.be worth 000 euros. Therefore, only a classic car insurance can be considered for the value assessment.
Why no normal insurance?
A car that 4 years ago 42.If the vehicle has cost € 000 and is now only scrap metal due to a total loss through no fault of its own, the value is calculated according to a Schwacke table minus the loss in value over time. The general condition is then no longer important. Here only the year of manufacture counts.
In the case of a classic car, it depends on what make it is and how this make is currently traded. Since it is not a new vehicle, the condition, mileage and appearance of the vintage car is important for the insurance. In addition, whether it is a rare vehicle, of which there are no longer many models.
For example, the BMW Isetta, which saw the light of day in 1955. At that time the Isetta cost 2580 DM and was driven over 150.000 times sold. In the meantime this little oldtimer will not be under 17.000 euros offered. With a normal insurance with current value account at the time 1955, perhaps still a pack of cigarettes would come out with it.
Here only a classic car insurance can be the optimal solution. However, a distinction must be made here between comprehensive insurance and partial comprehensive insurance. Already because, depending on the model, the insurance is quite cheap, hardly a classic car fan will take out a partial cover insurance for his beloved classic car.
Now not every car, which has already a few years on the hump, is equal to a classic car. A classic car is a registered car at least 30 years old in a well-maintained condition with enthusiast or collector value. The classic cars are usually recognizable by the H license plate introduced in 1967.
What are the differences between a youngtimer and a classic car??
The Motor Vehicle Act in Germany regulates quite clearly here which car can be registered as a classic car. The car must be worthy of preservation to be recognized as a historic car and must not be in constant use. In the case of the minimum age, a distinction is made between two variants. Either the car is at least 30 years old or year of construction 1955 and older.
The list of historic vehicles is updated annually by the Federal Ministry of Transport.
The classification as a historic vehicle officially also has some advantages. A classic car does not have to comply, in terms of registration requirements, with the current and often much stricter specifications for exhaust emissions and brakes.
The Youngtimer is for the time being "only" a collector’s vehicle. For this category there is no legal requirement or regulation. In essence, Youngtimer is considered a car, which is already old to stand out in today’s traffic as a rarity, but is still too young to be considered a classic car, which also affects the registration. Mainly it concerns particularly appealing vehicles, eye-catching special actions or also once particularly quirky models, as for example the Fiat Multipla, the Saab 900 or Opel Manta, in order to call only a few. From the insurance benefits here are no significant differences recognizable (negotiable). There are no tax advantages.
Where are the advantages and disadvantages of insurance here?
These vehicles are not used vehicles, which are driven to work every day and therefore the risk of damage is higher than for a classic car, which is rarely, if ever, used and treated like a raw egg. Therefore, it is enough for most insurance companies if the car is at least 25 years old.
Advantage of special insurance:
Disadvantage of the special insurance:
- Insurance can limit the mileage per year to 10.Set 000 km.
Young – and oldtimer insure, what are the requirements for insurance?
The requirements for classic car insurance have already been mentioned here. However, there are some differences in the youngtimer insurance:
The differences of the insurance:
- The Youngtimer insurance is a special protection for older vehicles. The Youngtimer vehicles must be at least 20 years old and must have a minimum value of 5.Do not fall below 000 euros.
- As a rule, the Youngtimer insurance is cheaper than the normal car insurance.
- The basis of a Youngtimer insurance is the legally required motor vehicle liability insurance. The third party liability can be optionally extended with a partial or fully comprehensive insurance.
- Various insurance policies take into account the increase in value of the youngtimer. Automatically, up to 30 percent is covered from the start of the insurance policy.
- As a rule, the Youngtimer insurance is also cheaper than the regular car insurance.
If the car is still too young to pass as a classic car, a special rate can be negotiated with the Youngtimer insurance, with a favorable protection. These special insurances are tailored to the needs of enthusiast vehicles. For this reason, they offer benefits that are not found in conventional car insurance . However, there are some conditions attached to this protection regarding the condition of the vehicle.
What to consider when taking out an insurance policy?
First of all, the documents are important for the insurance conclusion.
Documents for the insurance:
- Vehicle registration copy of the vehicle to be insured ( not available). Alternatively, a document showing the technical data is required.
- Market value document – if no appraisal is submitted.
- Vehicle photos – front and side view.
- Copy of the appraisal.
- Insurance policy as a copy for an everyday vehicle.
Which documents are otherwise still needed, depends on the respective provider. However, the documents mentioned here are not always required. In any case, the classic car or youngtimer lover should avoid underinsurance.
The value of well restored classic cars is constantly increasing. Therefore, the owners of such historic vehicles should also think about the permanent increase in value and adapt the insurance to the development status. Otherwise, it can quickly happen that in the event of theft or total loss, it turns out that the vehicle was underinsured. The consequences can go then brutally into the money.
A ten percent increase in value is therefore already insured free of charge with many old-timer insurances. For many classic cars, the ten percent increase in value does not come close to matching the increase in value in the future. Therefore, the classic car enthusiast should regularly find out which vehicle value is insured in his policy, as restoration measures can also increase the value of the vehicle and thus lead to underinsurance.
For value-added procedures such as z. B. a new paint job, a new soft top or new leather upholstery, the owner of the classic car should definitely adjust the insurance sum according to the value. Better still, if the value appraisal is regularly updated. In the increase in value is then the normal increase in value as well as the improvement condition of the vehicle included.
Checklist against underinsurance:
- Regularly check the vehicle value in the contract and adjust it if necessary.
- Adjust the insurance amount in case of a change in the vehicle’s condition.
- Renew appraisals at least every 4-5 years.
Tip: Letter of protection – a sensible investment
A really useful part of the contract for oldtimers is the protection letter. With some providers it is included in the policy, with others the Schutzbrief can be purchased as an option. In contrast to a normal standard cover, which usually only includes transport to the nearest garage in the event of a breakdown, the cover usually includes transport to a specialist classic car garage. Since even the old well restored vintage treasures are not always reliable, already because of their age, the investment of a protection letter can already be useful.
How to save money
Flat-rate costs for classic car insurance are not possible. Decisive for the liability insurance is the vehicle age and sometimes also the performance. For classic cars that are over 60 years old, liability costs start at about 50 euros a year at best. For classic cars with low engine power and at least 30 years on the hump, the cheapest liability insurance costs from about 70 euros.
Usually the premium of the Kasko orients itself at the vehicle value. With different providers, the type of registration (H-mark or normal registration) is important in the hull premium. The market value is usually only used as a basis for the partial cover insurance. With some insurance companies the replacement value is taken as a basis for the comprehensive insurance.
With a deductible, the partial cover insurance in the best case amounts to 150 euros, about 0.32 percent of the vehicle value. O, 4 percent for a classic car over 30 years old in the partial coverage insurance. A fully comprehensive insurance with a deductible for classic cars is about 1.000 euros, which is about 0.7 percent of the vehicle’s value.
So the costs can be lowered with the old timer – insurance:
- Some insurance companies offer discounts on classic car insurance to members of classic car clubs.
- Type of registration: insurance-wise, H license plates are cheaper.
- If the H license plate on your classic car doesn’t meet the requirements, a seasonal license plate may be a good option.
- Several vehicles via only one red number: Via a common 07 number, owners of classic cars can register several vehicles that are driven. The full premium of the insurance usually only applies to the old-timer with the highest premium in the collection. Various providers grant collectors an individual discount.
- Regular comparison: classic car insurance is becoming more and more popular. Therefore, due to increasing competition, a regular comparison among providers holds the potential for savings.
The only thing missing now is a classic car. There the Lamborghini Miura P400 for 3.6 million would be nevertheless straight appropriate. About the insurance you could then still talk, after all, you want to save something.