Is Your Car a Classic?

HMRC defines classic cars as being over 15 years old with a value of £15,000 or more. 

However, some insurers define classic cars differently. If your car is over 10 years old it could be classed as classic no matter its value.

If your vehicle is a classic it may be time to reconsider its insurance. Ascend classic car policies will insurer your vehicle up to an Agreed Value, meaning how much to insure it for is up to you.   This gives you total transparency compared to the standard “Market Value” way of rating.  Market Value means that your claim is settled on the approximate market value of the vehicle at the time of loss. This can be negotiated with insurers at the time of settlement but can be difficult and time consuming if you disagree with them.  You would need to prove the pre-accident value of a vehicle that you no longer have. It’s worth thinking ahead and insuring your classic with Ascend on a specialist policy.