 Lifestyle insurance is aimed primarily at those people who drive what might be termed a classic car.
This insurance is based on the assumption that those people who drive a classic car will handle it differently to drivers who do not have a classic car. Insurers only seem to include the lifestyle factor when they are insuring drivers of classic cars and not in other forms of vehicle insurance.
Most insurance policies on classic cars are costed on how much the car is used, because companies tend to the view that classic car drivers drive differently to other vehicle owners. However, the way in which a classic car is used e.g. for business or pleasure will still be reflected in the insurance of that vehicle.
The fact of the matter is that most owners of classic cars only drive their vehicle on special occasions or at classic car rallies, which means that the vehicle is used a lot less frequently than other types of automobiles. |
Classic car or lifestyle insurance may well be affected by the type of events that the owner attends. Some events such as rallies may be deemed more of a risk than other events and this will have an effect on the price that you pay for your insurance.
Lifestyle insurance is usually provided by specialist underwriters rather than general auto insurance. These specialist policies are designed to fit around the lifestyle risk of the classic car driver, risk levels are calculated on how the car is used and the actual mileage that you drive on an annual basis. With standard car insurance factors such as age will impact on the price of the driver’s insurance premiums, but this is not the case for drivers of classic cars.
Insurers market their policies differently to classic car owners than they do to other drivers. Policies are sold primarily, on the quality of cover that the driver will get for their classic and often irreplaceable car. Most classic car owners lavish care on their vehicles and will often avoid driving it in risk situations. It is rare to see classic cars driven on motorways because there is a greater possibility of being involved in a road accident that could damage both car and driver.
In recent years there has been a growth in the number of insurance comparison sites selling classic car insurance and this has put pressure on underwriters to provide value for money. |
