Classic Car Restoration Insurance

A bespoke policy for rare, high valued vehicles

Working with classic cars means taking on serious responsibilities. You're using your hard-earned skills on extraordinary vehicles that are their owner's pride and joy. Their value can't be measured purely by market price.

Because the stakes are so high, the appropriate motor trade insurance is essential. Your reputation and the future of your business are on the line.

What is classic car restoration insurance?

Classic car insurance is specialist motor trade insurance designed to protect businesses that deal with prestigious vehicles. Many are cherished as collector's items by their owners.

At Gallagher, we understand that classic car garages are distinct from ordinary motor trade businesses. That's why, for example, our classic car insurance covers vehicles on an agreed value basis, rather than on typical market value. A car that's a rare artefact, practically a work of art, is a different kind of asset than an everyday runabout.

Why do classic motor trade garages need specialist insurance?

When you run a classic car business, you need specialist insurance for the same reason you need specialised knowledge: the vehicles you deal with are different.

Repairing, restoring and maintaining historic automobiles involves a wide range of skills. You must navigate electronics and engines unlike anything found inside today's motor vehicles. A typical day's work can include anything from panel beating to coachbuilding to rewiring. Even tyre fitting is a fresh challenge on some of these beautiful models.

Definitions vary on what counts as a classic car. According to HMRC, it's a vehicle more than 15 years old and worth over £15,000. Other experts consider that only a car exempt from Vehicle Excise Duty (road tax) counts as a classic. That means cars over 40 years old.

Whatever the definition, they are distinctive in many ways from today's typical family saloon. There’s more likely to be a wiring loom than an onboard computer, for instance.

Another difference is that a classic car in good condition will stop depreciating. They can also cost more to repair and maintain because parts are scarce. For all these reasons, purchasing the appropriate cover is essential.

Now for the good news. The premiums for classic car motor trade insurance tend to be lower than for a mainstream garage. Classic cars usually get plenty of love and attention from their owners. They also spend less time on the road, with years rather than miles on the clock. This means that the risks associated with a classic car-related business aren't necessarily higher than average. Just different.

What does classic car restoration insurance need to cover?

Gallagher's classic car motor trade cover is provided on an all-risks basis, including fully comprehensive road risks cover.

Road risks insurance

Like everyone in the motor trade, you need cover to drive the vehicles in your care. That means having road risk insurance. This allows you to drive cars to and from your premises and other locations in a work capacity. It also enables you and your customers to drive vehicles, whether to road test repairs or check the car out before buying.

Tools and equipment cover

Older vehicles require garage equipment that's highly specialised—and therefore expensive and tricky to replace. Suitable cover for items such as spray painting or welding gear and lifting tables is essential protection for your business.

Vehicles in transit insurance

When you need to move non-roadworthy vehicles from one location to another, you need to protect them while they're on the road, whether on the back of a truck or being towed. The appropriate vehicles in transit cover ticks that box.

Employers’ liability and public liability

This safeguards your business if employees or the public raise claims against you— for instance, injury compensation.

Cover for your premises

This ensures your leased or owned buildings are protected against damage, fire, flood, leaks or other mishaps that could interrupt your business.

Optional extras

Every business is unique, so we offer a range of additional types of cover, including:

Engineering inspection
Management liability
Cyber insurance
Excess of loss
Gallagher Business Assist
Crisis resilience
Legal expenses cover

Why choose Gallagher classic car insurance cover?

Our classic car motor trade policy is highly specialised cover, adapted for the real risks you run. At Gallagher, we've used our expertise and long experience in all types of motor trade insurance to provide the fullest possible protection for your business.

Our classic car insurance was created using a panel of expert insurers including Allianz, Axa, Aviva, MS Amlin, NIG, QBE and Travelers. This ensures that our policies meet the unique needs of classic car restorers, sellers or repairers, with enhanced wordings available exclusively to Gallagher policyholders.

Furthermore, our classic car insurance protection is endorsed by leading trade associations and sites, including RMI, Blackhorse Finance, The Parts Alliance, SMTA, National Ford Retail Dealers Association (NFRDA) and WhoCanFixMyCar.com.

Ready to find out more? Contact us today for a classic car insurance quote or for further information.