How to use a broker to get the best deal on your classic car insurance

Getting insurance for your classic car can take a bit more effort than for a regular motor. That doesn’t mean you can’t get a good deal though - we show you how you can use an insurance broker and save hundreds.

What do insurance brokers do?

The easiest way to explain what brokers do is to think of them as behaving like a price comparison site but in human form. Just like comparison sites, a broker takes your details and contacts a selection of insurance providers with the aim of getting you the best deal. Having said that, some classic car insurance brokers do offer an online quote service that speeds up the whole process.

What are the pros of using an insurance broker?

If you are searching for specialist insurance like a classic car policy, a broker can take a lot of the hassle out of the process. For starters, it can take some time just to find out which car insurers offer classic car policies, but a broker will already have a list of companies to approach.

What is more, a broker that specialises in sourcing classic car policies will know which companies to approach depending on the kind of classic you have, as well as understanding the extra elements of a classic policy that affect the price and the level of cover, such as annual mileage, storage, commuting and competitive use of your car.

Another advantage is that brokers are independent of any insurer and must abide by the terms of the British Insurance Brokers Association, so they are duty-bound to act in your interests and get you a good deal. There will always be a degree of leeway within those rules, but unlike an insurance agent they have the freedom to choose from a number of providers to get you the best deal/

What are the cons of using an insurance broker?

Because brokers act as the middlemen between you and the actual insurer, they take a slice of the premium as a commission. That means you may pay more than if you had gone to the same insurer yourself, but brokers can get better deals than the general public so this may not always be the case. Ultimately you are paying for the convenience and potentially a better deal, but if you are not happy paying this then you may wish to seek out cover yourself.

Another thing to bear in mind is that a broker will not approach every insurer in the book when finding you a price. Unlike a price comparison website, brokers tend to work with a select number of insurers from whom they obtain quotes. This ongoing relationship means they will generally get the best prices from those insurers, but it may be possible to get a better price from another insurer altogether. As with any insurance policy, shopping around is key - so you may get the best price by using more than one broker.

How do I get the best price from a broker?

Getting the most competitive price for your car insurance requires the same time and consideration whether you use a broker or search out prices yourself, but it is vital to ensure you know exactly what you want and that you have all the correct information.

With a classic car insurance policy mileage, usage and storage can all have a significant impact on your premium, so consider them carefully. The lower your annual mileage the lower your premium will be, so be economical but realistic about your annual total. Leaving the classic in the garage and taking your daily driver instead could add up to a significant saving over time, and if you can avoid using your classic for commuting that will also allow for a cheaper policy.

Older cars tend not to have much in the way of standard-fit security systems, but there are things you can do. Keeping the car inside a garage at night or at least on a driveway is far better than keeping it on the street; if you don’t have a driveway consider renting a garage nearby, as this will cut your premium and help the condition of your car too. Ask your broker for security systems that are approved by the insurers they use; steering-wheel locks can qualify as approved devices, take no time to fit and are inexpensive.

Finally, if your policy includes an agreed value it is important to be realistic about this. No insurer will agree to an inflated valuation, but at the same time you should try and get a figure that matches what it would cost to replace the car in its current age, condition and value - not what you think it is worth. Do some research so you can accurately assess the car’s value and this will put you in a better position when it comes to the agreed value.