Insuring my vintage car, what should I consider?

Do you own a vintage car and want to insure it? And is this different from insurance for a new car?

Indeed, vintage car insurance differs from insurance for a new car in several ways because of the specific characteristics of vintage cars. First, let us look at what a vintage car is:

What is an oldtimer?

What is a vintage car? A vintage car is generally a vehicle that meets certain criteria to be considered an "oldtimer". These criteria may vary from country to country and insurer to insurer, but in the Netherlands the following applies:

An oldtimer is a vehicle that has reached a certain age, until 2014 this was so if a car was 25 years old or older. However, this has been changed, you can now only speak of an oldtimer when the car is older than 40 years.

This is the date of 1st admission on the registration certificate.

Vintage cars are often cars with limited use that are brought out for special events, exhibitions or on a nice summer day for a nice drive. Cars for the real enthusiast, in other words. They are often gems in excellent condition, lovingly maintained, restored and kept in original condition. Of course, there are exceptions to this 😉

Insurance for vintage cars

Now, regarding insurance for vintage cars:

Oldtimer Insurance vs. Insurance for a New Car:

1. Possible lower premium: One of the potential advantages of insuring a vintage car is that premiums are usually lower than those for regular car insurance. This is because vintage cars are often used less and are usually well maintained, which reduces the risk of damage.
2. Agreed value: Unlike most car insurance policies, where the value of the car is determined based on its current market value, vintage car insurance often allows you to agree on an agreed value. This means that you and the insurer agree how much the car is worth in case of a total loss, and you get paid that amount in case of a claim.
3. Restrictions on use: Vintage car insurance policies may impose restrictions on the use of the car, such as a maximum mileage per year and requiring a second vehicle for daily use.
4. Required membership: Some insurers may require you to be a member of a recognised vintage car club to qualify for vintage car insurance.
5. Valuation report: When taking out vintage car insurance, you may have to provide a valuation report to establish the value of the car.

Where to buy vintage car insurance?

It is important to note that the exact terms and coverage of vintage car insurance policies can vary, so it is wise to talk to several insurers and compare quotes before making a decision. Also, the definition of a vintage car and the requirements for vintage car insurance can vary by region, so make sure you understand the local laws and regulations.

In any case, what comes highly recommended is to look at Univé's website. They have a good oldtimer insurance at a competitive premium. Univé has three variants of classic car insurance: WA, WA+ and All-risk. You can also choose various additional cover such as legal aid and damage for passengers/occupants.

In addition to car insurance, Univé also various other insurances.

Advantages of vintage car driving?

Driving a vintage car can provide certain (tax) benefits in some cases, but these benefits can vary greatly depending on location and specific legislation. Here are some potential benefits that can be associated with owning a vintage car:

1. Vintage cars are also exempt from road tax, this only applies if the car is in your private name. This exemption does not apply to companies.
2. If you want to import an oldtimer, you do not have to pay BPM. However, you will have to go through the BPM declaration procedure to get the vehicle registered in the Netherlands.
3. Possible lower insurance premiums: As mentioned earlier, vintage cars sometimes have lower insurance premiums because they are considered hobby vehicles and are usually used less. This can result in savings on insurance costs.
4. Reduced depreciation: In some cases, the depreciation (drop in value) of a vintage car can be slower than that of a regular car. This means you have less capital loss, which can be beneficial if you want to sell the car.
5. Last but not least, everyone will look at you admiringly as you drive by in your beautiful car. Not wrong!

However, it is important to note that these benefits are not universal and can vary greatly depending on your location and the specific laws and regulations that apply there. Moreover, some benefits may only apply to vintage cars that meet certain criteria, such as a minimum age or rarity.