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Classic car owners often have particular requirements when it comes to insuring their vehicles.

Most auto insurance claims are related to repairs for accidental damage rather than for theft or payouts for "write-offs." Therefore it is important to ensure that the company providing cover for your classic car will allow for the use of original parts where possible.

Cover is available from standard insurers and specialty classic car insurers.

Be sure to read the policy details if insuring with a standard insurer to check things such as whether you can stipulate the garage where the repairs are to take place and, as previously mentioned, if priority would be given for finding original replacement parts.

Also, standard auto insurance policies have no guaranteed value for vehicles at the time of making a claim. Factors influencing premiums include the type of usage, how the car is garaged, the driver's age and driving record, annual mileage and geographic location of the policy holder's address.

Unlike the average car, classics retain their value, which depending on the make, model and condition, generally increases over time. However, with most policies it is the auto insurance company that decides what your car is worth when a claim is made (the Actual Cash Value). So settling the final amount is largely out of your hands. If you disagreed with the figure, you would possibly need to enter into time consuming complaints proceedings.

One policy type suited to covering classic and collectors cars is commonly referred to as Stated Amount or Stated Value policies. Here the auto insurance company will pay out either the stated amount, the repair cost (up to but not exceeding the stated amount) or the actual cash value, whichever is the lesser. The higher the stated amount agreed at the policy's inception, the higher the premium.

The best policy to take out is one whereby you receive an agreed amount for your classic if it is stolen or written off. The claimant would receive the lesser of the agreed amount or repair costs (not in excess of the agreed amount).

The agreed amount reflects the market value of the car at the start of the policy. This amount should be changed annually on policy renewal in line with market fluctuations.

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