Berlin / Essen (dpa / tmn) – Shiny polished sheet metal and glistening chrome: classic cars are becoming increasingly popular. But like younger cars, everyone needs at least one motor vehicle liability insurance. Depending on the model, value and provider, it costs between 50 and 150 euros.
But which protective shield should oldie friends put up? In contrast to everyday cars, young and old-timer insurance is not subject to the type classes and damage balance sheets of the registration location. Classic car drivers often only notice the exact difference between the insurance companies when it is too late: in the event of a claim. Insurance companies regulate very differently after an accident, theft or fire.
“Before taking out car insurance, classic car owners should find out how the respective insurance policies are set up in the classic car sector,” advises Frank Wilke from the market watcher Classic Analytics. “The insurance company should understand the subject of classic cars and offer its own expert department with its own contact person.” If classic cars only run as a sub-group of normal motor insurance, things can get complicated in the case of regulation.
Insurers generally tend to settle claims cheaply. In the case of classic cars, however, the cheap spare part may not be original, so that it is out of the question for the owner. Then a long discussion may begin. The big classic car insurance companies include ADAC, Allianz, Axa, Belmot, OCC, LVM, Württembergische and Zurich.
What exactly is my classic car currently worth?
The contract must also contain the market value or replacement value, which was usually determined beforehand using a brief appraisal. These evaluations by vehicle experts cost around 150 euros. “Owners pay more attention to the content than to the amount of the annual fee. It doesn’t differ that much with insurance companies,” says Wilke. The contents include the agreed annual mileage, the age of the driver, the parking situation and the insured damage.
Everyone must have liability insurance for third-party damage. Partial and fully comprehensive insurance are voluntary. Partial coverage includes reimbursement after theft, accidents involving wildlife, glass breakage, fire and storm damage. Fully comprehensive insurance provides extensive protection and also regulates vandalism and self-inflicted damage. “In the case of valuable classics or vehicles with a high emotional value, this is therefore often closed,” says Kathrin Jarosch from the German Insurance Association (GDV). In order to determine the insurance value, some insurance companies require a valuation report when taking out a new insurance. Jarosch recommends regularly checking the value of the car in order to secure increases in value.
There are also additional building blocks
Alf Cremers from “Motor Klassik” magazine sees a big difference in the types of insurance and optional insurance packages. In addition to liability, partial and fully comprehensive insurance, some insurance companies offer additional insurance packages. “They are individually tailored for classic car owners and, depending on the offer and class, insure damage in the garage, during transport, as well as engine damage and damage that can occur in the event of operating errors,” he explains. The surcharge for fully comprehensive insurance is often only low.
A partially comprehensive insurance is sufficient for a Ford Capri I valued at around 15,000 euros, while a fully comprehensive insurance is usually available for a few hundred euros more per year. “This gives owners full protection. The all-inclusive packages are suitable for valuable cars with a value of over 30,000 euros, as well as for collector’s vehicles,” says Cremers.
Info box:
With or without an H license plate: oldies are booming. According to the Federal Motor Transport Authority (KBA), exactly 595 046 classic cars were registered in Germany on January 1, 2020, of which 390 640 vehicles had the H license plate. A year earlier there were around 60,000 fewer vehicles.
A classic car is a vehicle that is at least 30 years old from the date of first registration and is in an original and well-kept condition. After applying for an H license plate, these vehicles can drive into environmental zones without a green sticker and pay a flat-rate vehicle tax of 191.73 euros per year, motorcycles are taxed at a flat rate of 46.02 euros.
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