Classic car Insurance myths that could you hear

Owning a classic car in the UK is more than a hobby, it’s a passion, a lifestyle and, for many, a valuable investment. But when it comes to insuring your vehicle misunderstandings can lead to costly mistakes. At Footman James, we often hear myths and misconceptions about classic car insurance that could leave owners underinsured, or worse, without cover when they need it most.

To help you protect your classic vehicle properly, we’re busting some of the most common insurance myths that could end up costing you hundreds, if not thousands of pounds.

Reality: Classic cars often appreciate in value, sometimes significantly. If you insured your car for what you paid five or even two years ago, chances are you’re underinsured. In the event of a total loss, that could mean receiving far less than your car’s true market value. 

Solution: Choose an agreed value policy. This ensures that both you and the insurer agree on your vehicle’s value upfront, so if the worst happens, you’ll receive the full amount, not a depreciated estimate. 

Reality: Standard car insurance policies are designed for modern daily drivers, not classics. These policies often overlook the nuances of classic ownership, such as limited mileage, seasonal usage, and the importance of originality. 

Solution: Of course, as a classic specialist Footman James is the right place to go to get cover for your vehicle. We understand the quirks of classic ownership and tailor policies to suit your needs, from salvage retention rights to modifications and club discounts. 

Reality: While your classic may only come out for shows or sunny Sunday drives, it still needs to be insured year-round - especially if it’s not declared SORN (Statutory Off Road Notification). If your vehicle is stolen, damaged in storage, or involved in a fire while uninsured, you could face significant losses.

Solution: Keep your classic insured even during the off-season. Many classic car policies take into account low annual mileage and storage, so you’re not paying more than necessary - but you are always protected.

Reality: Modifications don’t automatically void your policy - but failing to declare them might. Even period-correct enhancements like alloy wheels or engine upgrades can affect your insurance if left unreported.

Solution: Always disclose modifications, no matter how minor they seem. With Footman James, many modifications can be covered, and we’ll work with you to ensure you’re properly protected without penalising you for enhancing your car.

Reality: Most home contents insurance policies don’t cover vehicles, even if they’re in a locked garage. Even if they do, the cover is often minimal and not tailored to the unique needs of classic cars.

Solution: Rely on dedicated motor insurance, not home cover. Specialist policies provide protection whether your car is on the road, in storage, or attending an event.