17/07/2024

Why you shouldn’t use a comparison site to insure your classic car

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If you’re the owner of a classic car, you might be tempted to turn to a car comparison site for a quick quote. After all, they do promise to save you time and money with just a few clicks.

But when it comes to insuring your pride and joy, these sites aren’t the best option if you’re the type of person that likes to know exactly what you’re covered for.

From not understanding your classic car’s true value, to the cover you could be missing out on when it comes to making a claim, in this article we’ll show you how insuring your classic car with a specialist insurance broker beats going through the car comparison sites.

Are you really getting a ‘cheap’ classic car insurance policy?

Everybody knows that classic car insurance is known to have lower premiums compared to daily drives. But when you’re browsing comparison sites to insure your classic car, the cheapest quotes might look tempting, but are they really giving you what you’re expecting?

In fairness to comparison sites, you’re able to sort all policies by price which allows you to compare prices easily. And it could lead you to believe you’re getting the best possible deal – especially as the options are presented to you so clearly…

But just because there may be a cheaper quote on these sites, it does not mean it’s the most suitable for what you need. As the saying goes: you get what you pay for. So, the cheapest quote will likely give you less cover than you actually need.

For example, you might be one that likes to take your classic Morgan to the south of France to meet with your club’s European counterparts. The cheapest quote you chose only covers you to drive in the UK, and not in Europe, but you’ve already paid for the policy now before you’ve realised.

Whereas by insuring with us or speaking to a specialist insurance broker like us, you’ll get 90 days European cover as standard.

Also, did you know that not all insurers appear on the comparison sites too? Insurance companies pay the comparison sites to appear in the listings, and even more is paid for the sponsored listings that appear at the top.

There are insurance companies out there – like many that we partner with – who don’t pay the fees to feature on these comparison sites, and the premiums can still work out to be just as competitive…but with additional cover!

Lastly, the car comparison sites do not recognise that owners of classic cars take more care with their vehicles…but we do. So much so, we offer a 15% discount to car club members for this very reason. This added benefit that our customers get is something that the comparison sites do not offer, so it’s definitely something to consider.

Let’s explore what the level of cover is like on comparison sites.

You’re likely not getting all the cover you need

This is such an important one.

When it comes to insuring your classic car via a comparison site, the devil is in the details. Comparison sites are clever at making it seem like you’re comparing oranges to oranges, but in reality you’ve probably got a gap in your cover.

The initial low premiums might be attractive, but it often masks significant gaps in cover that become apparent only when you need to make a claim.

Let’s take classic car insurance, for example.

Imagine you’ve bought a cheap, generic restoration kit for your 1960s classic Volkswagen Beetle, only to find that the parts don’t fit properly and crucial parts are missing altogether when you come to it. It might look like a bargain at first, but you’re left with a car that’s not quite right with potential costly problems down the road.

This is what some people experience when purchasing classic car insurance through a comparison site. Just as with restoring a classic car, when it comes to classic car insurance, investing in quality from the start will give you peace of mind and prevent any unfortunate surprises when you’re least expecting it.

We looked at how our classic car insurance policies compared to the insurers on the comparison sites (see the examples we refer to here). Here are some key areas that stood out to us, and things you should at least be aware of when taking out your next insurance policy:

1. Policy excess

The first thing to look at is the excess that is included as standard with these car insurance policies. When you combine both the compulsory and voluntary excess, you could be paying around £600 to make a claim. So, if you have an incident where somebody damages your car and the damage costs you £500, the policy you purchased from the comparison site doesn’t protect you in this case.

With us, you can expect to pay excess starting from around £100-£250, but of course this is all dependent on the vehicle and the driver’s risk profile. For lower value cars that fall within our classic car scheme, you can expect to pay on the lower end of this excess.

Essentially, by being restricted to high policy excess, you would pay more if it comes to making a claim.

2. Breakdown cover in the UK and Europe

When things that are normally ‘add ons’ appear to be included as part of the car insurance quote, making it look like a cost-effective policy, it might not always be the case.

We did some digging and found that several insurers on the comparison sites include breakdown cover for circa £30-£45, but it only includes local recovery within a ten-mile radius in the UK. This is not entirely helpful if you take your classic for road trips away from your home, is it?

Now, if you were to extend your breakdown recovery to Europe via the comparison sites, some insurers charge additional fees ranging from £65 to £105. In some cases, if you were to purchase a policy where you extend your breakdown cover to Europe (the total combined cover to be towed up to 10 miles in UK & also now across Europe), it comes to a total of up to £150.

With us, our clients get nationwide recovery no matter where they are in the UK…as well as in mainland Europe. We know that many of our clients like to take their pride and joys on road trips every so often, so having breakdown cover that can actually get you wherever you wish is a non-negotiable to us. All for a grand total of £49. Not bad, right?

And if you own multiple vehicles, we can add these on for you too. To have all of your vehicles in the same policy it would cost £189 (for up to 20 vehicles). It’s incredible value for money if we do say so ourselves.

Which brings us back to our original point: are you really getting what you think you’re paying for via the comparison sites?

	Insuring via comparison sites	Insuring with Heritage Insurance
Breakdown cover (UK)	You will only get a local recovery within a 10-mile radius in the UK. Cost: Sometimes included. Or around £30-£45 added on.	You will get roadside assistance and recovery to anywhere you wish in the UK. As well as cover extending to mainland Europe – as standard. Cost: £49.
Breakdown cover (UK & Europe)	In the UK, you will still only get a local recovery within a 10-mile radius in the UK. Now, you’ll get roadside recovery in mainland Europe too. Cost: £90 up to £149.	The same as above: You will get roadside assistance and recovery to anywhere you wish in the UK. As well as cover extending to mainland Europe – as standard. Cost: Still £49.
Multi car breakdown cover (UK & Europe)	This isn’t possible to do via comparison sites, unless you liaise with the insurer to arrange after you take out the policy.	You will be able to get roadside assistance & recovery for up to 20 vehicles. Cost: £189 (even if you have 2 or 20 vehicles on the policy)

3. Key cover

Continuing with insurance ‘add ons,’ the quotes on comparison sites really do differ with key cover. Some insurers exclude it; others don’t specify the level of cover you get; some have lower coverage up to £1,000; others only pay out for claims if the key is stolen.

Whereas with us, whilst it’s a cost of £25, you’ll not just be covered if your car key is stolen, but now you’ll also be covered up to £1,500 if your whole set of keys is lost or accidentally damaged. This also would cover any electronic fobs for gates or garage doors which are either lost, stolen or accidentally damaged too.

For those with a performance car such as a Aston Martin Vantage where key replacements can cost circa £400, it can be worth its weight in gold if the key gets accidentally damaged or lost. That’s before calling out a locksmith which can cost from £65 per hour, further showing the need for as much cover as you can possibly get to cover all potential costs.

This further shows that quotes on comparison sites can leave you with gaps in cover that you need to be aware of.

SPEAK TO US

4. Your vehicle’s value

When it comes to the value of your vehicle, comparison sites often fall short. Most use market value as the basis for a payout, which isn’t ideal if you’ve got a rare classic vehicle.

This means that if your vehicle is written off, you’ll receive what the insurer deems to be the current market value of your vehicle at the time of the incident. This is problematic because:

Market values fluctuate and may not reflect your car’s worth.
Unique classic cars can be undervalued by standard valuation methods.
You might end up with a payout that’s insufficient to replace your beloved vehicle.

Whether it’s a Jaguar E-Type or a Triumph TR6, we understand that its value isn’t just about the numbers on a used car site. That’s where our classic car insurance with Free Agreed Value can help.

If the worst happens and your car is written off, you’ll get exactly what we agreed. It’s particularly handy for those cherished vehicles that standard valuations don’t do justice.

It’s straightforward: you tell us the value you wish to insure your vehicle, you send us six photos, we’ll agree it with you. No nasty surprises, just complete peace of mind.

Classic cars don’t depreciate like an everyday car. In fact, if you’re lucky, you might even see your classic car appreciate in value. By having agreed value in place, it will protect you for the true value of your car. But you should remember to review it each year, as if your car appreciates you need to increase the agreed value with your insurer.

You could spend hours shopping around with no human interaction

While comparison sites promise to save you time, the reality can be quite different. You might find yourself spending hours scrolling through endless options, trying to decipher complex policy details, and still feeling unsure about your choice over a number of days.

Here’s what often happens with comparison sites:

You spend 10-15 minutes inputting your details to answer around 60 questions.
You’re presented with a long list of options, often sorted by price.
You start comparing policies, trying to understand the differences in cover.
You realise you need more information…but there’s nobody to ask.
You might start the process again on a different comparison site, just to be thorough.

Before you know it, obtaining your car insurance quote has turned into a time-consuming ordeal. And after all that, you might still be unsure if you’ve made the right choice.

What’s missing? A personalised service that values your time and peace of mind. Where as comparison sites don’t give you the option to phone, that’s our way of handling your specialist car insurance. With us, you’ll get guidance on the level of cover that’s right for you and your classic car(s).

Beware of who your personal data is shared with

To your own innocence, you might think you’re just getting a quick insurance quote. But you might be in for a surprise, as your data could be about to embark on quite the adventure.

Your personal information isn’t just going to the insurers you see listed, it’s being shared with a whole network of the comparison site’s partners. The list is longer than you might expect:

Insurers listed on the comparison site.
Credit reference agencies (even if you’re not asking for credit).
Market research companies.
Life insurance partners.

You can view the list by viewing the data privacy documents when you fill in your details, but we’ve attached some screenshots here too:

See where your personal information is shared

It’s worth considering if the ‘convenience’ of comparison sites is worth the potential data trade off. It’s not to say that your data is being mishandled per say, but this is what you would be agreeing to before getting a quote via the comparison sites.

When you choose a specialist broker like us, we handle your data with care. Your personal details stay between us and the insurers that we get quotes from to get you the right policy – nobody other than that.

Remember, if you’re not paying for the service online, you’re likely the product. Be wary of where you’re entering your details to keep your data protected!

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See the examples we refer to in this article here