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In the world of classic cars, a rare vehicle is highly prized. But when it comes to getting insurance for your pride and joy, its uniqueness presents problems.

With a modern car, it’s simple to work out its market value – but with a classic, it’s a little trickier. So you’ll need to agree on a valuation with your classic car insurance provider to determine how much you’d receive if your vehicle was damaged beyond repair in an accident.

So how can you ensure that the agreed valuation really reflects what it would cost you to replace your car? What are the key things that valuers look for? Read on for our guide.

Agreeing a value for your classic car

First, it helps to understand the process that insurance providers go through to agree a valuation for a vehicle.

When you insure a non-classic car, the calculation is simple. It’s based on the car’s make, model, age and mileage, and is benchmarked against thousands of similar vehicles on the market.

But with classics, it’s a niche market, and valuations are done more on a case-by-case basis. Insurance providers need to have expert knowledge and access to specialists who can assess your vehicle.

By arranging a valuation through Lancaster, which specialises in classic cars and has an extensive network of club contacts, you’ll get an accurate reflection of what your vehicle is worth on the market.

That means you cannot only pick the correct classic car insurance policy for you, but could also set a fair asking price if you want to sell your investment in the future.

Keeping your documentation

One thing that valuers look for is extensive documentation of any restoration work you’ve had carried out.

If you can prove you’ve used respected mechanics, you might well get a higher valuation than if you’re an amateur and have carried out the work yourself. So don’t throw away those invoices!

Similarly, any documentation about the history of the vehicle will add to its worth as classic car fans love to know the story of any vehicle they are considering buying.

If you can demonstrate its provenance, or show that it’s won competitions or awards, you can expect to see the value rise.

Concours condition

A lovingly restored, perfectly maintained vehicle that’s show-ready is said to be in ‘concours condition’. So how can you tell if that applies to your beloved Bentley?

In short, everything must be in tip-top condition. That includes not only the engine and bodywork, but also the wiring, upholstery, paint, chrome and tyres. Every last nut and bolt must be perfectly aligned.

Authenticity is key.  Any restoration work you’ve carried out needs to be of top-notch quality. Of course, you may have replaced components, but your vehicle needs to look as good as new – if not better.

Only true experts can determine if a vehicle is in concours condition, so it makes sense to get your classic car insurance through a specialist provider.

Modifications and modernisation

Unless you’re a major collector, you might have chosen to modify your vehicle somewhat – particularly if you actually drive it as a family car.

Seatbelts and other safety measures are typically lacking in older vehicles, so the addition of these can help keep all occupants secure while on the road.

If you carry out major modifications and modernisation, your vehicle cannot be considered ‘concours condition’ and is therefore likely to be given a lower valuation.

However, modifications might also make your vehicle easier or safer to drive, more versatile and therefore simpler to sell.

Some classic car lovers enjoy buying old wrecks, restoring them lovingly, then making a profit on the resale. But it’s worth remembering that the cost of the restoration work you’ve put into your vehicle will not necessarily be reflected in the valuation.

Sadly, it’s possible to buy a car for £10,000, spend £5,000 on restoring it, but then sell it for just £12,000.

So if you are hoping to make a profit on your vehicle, you need to do your research and carry out any restoration work carefully to ensure you reap the rewards.

Whether you bought your car as an investment, a hobby, or a means of travel for special occasions, make sure you get suitable classic car insurance.

Well-maintained engines

Whether you adore the quirkiness of Minis or the sleek curves of Aston Martins, classic cars are beautiful to behold. But it’s what’s underneath the bonnet that really counts.

Does your car engine purr smoothly? Are all the components in perfect working condition, from the spark plugs to the pistons? Do you maintain a pristine engine, with regular oil and filter changes?

If so, you’re likely to impress the valuers, and be given a higher valuation for insurance or sale purposes.

Keeping mileage low

Just as with modern cars, the number of miles on the clock is key to your motor’s market value.

If yours has scarcely trundled out of the showroom, it’s likely to be worth a good deal more than one with a well-travelled past showing signs of wear and tear.

From a mechanic’s point of view, less is definitely more when it comes to mileage - but as an owner, you might appreciate your automobile’s rich travel history. Because after all, a market value is only part of the story. To true classic car lovers, your vehicle is priceless.

Get a quote from Lancaster Insurance

At Lancaster Insurance, we know how much classic cars are worth – to the market, and to you personally.

As specialists, we are perfectly placed to organise and process an agreed valuation for your vehicle. 

Once we’ve arranged your tailored classic car insurance policy, we can discuss the next steps for arranging your agreed valuation. Benefits can include discounts for car club members, a choice of repairer, free EU cover for up to 90 days, and discounts for limited mileage.

Contact Lancaster Insurance today to arrange cover for your cherished classic.

Policy benefits, features and discounts offered may very between insurance schemes or cover selected and are subject to underwriting criteria. Information contained within this article is accurate at the time of publishing but may be subject to change.