Porsche Classic Insurance

What are the insurance options for Porsche 911 owners?

It is mandatory to have car insurance in the UK which comes in three levels however it is highly recommended that you have comprehensive cover especially when driving a Porsche 911.

Almost all variations of the Porsche 911 fall into the highest insurance group as they are considered more of a risk to insure. The reason for this is that in the event of an accident the repair costs will be much higher due to higher parts costs than say a Vauxhall Corsa. In the event that the car is written off it will also cost more to replace. Insurance companies also take the view that high performance cars are more likely to be involved in accidents and are more likely to be stolen by thieves and joy riders thus the hike in car insurance premiums.

As a result of this finding cheap 911 car insurance can be extremely difficult. However 911uk.com have done all the hard work for you and have teamed up with AIB Classic Insurance the Porsche Insurance specialist. AIB Classic insurance will do the shopping around and compare a range of quotes through their specialist network to find the best price for your insurance. One main advantage of using AIB Classic Insurance is that they have specialist insurers on their panels that offer exclusive benefits and because they are accustomed to dealing the needs of high performance cars they may be able to offer special policy benefits and cheaper quotes.

Which insurance companies cover premium classic cars such as Porsche?

Most classic car insurance companies will offer a quote on a Porsche however if you would like to use a specialist insurance provider here are some suggestions:

Ruby Insurance – Offers discounts if you are a member of a classic car club; considers all vehicle modifications; offers discounts for limited mileage. Coverage for club events, track days and day-to-day usage. Compares more than 450 policies from 30 of the UK’s best known classic car insurance companies for premium classic car quotes.
AIB Classic Insurance – Insurance for sports and performance classic cars including Lotus’, Aston Martins, Ferraris and Porsches.

How to reduce the premiums for your Porsche?

Driving Classic carefully – Sounds like an obvious tactic, however by building up 5 years no claims bonus can earn you a discount of as much as 70%. Also speeding and other road offences can lead to points on your licence which can load your premium and in certain cases may lead to insurance companies even refusing insurance due to the high insurance grouping of the Porsche 911.

GPS Vehicle Tracking – GPS vehicle tracking can be used to locate a vehicle and provide data on the journeys it has made. GPS vehicle tracking can therefore be used as a security measure on high performance vehicles, allowing them to be tracked and recovered when stolen and even immobilized remotely, depending on the system in place. Having such technology installed will lead to many insurers offering a discount on your premium. Some insurers offer their own tracking technology which records your driving and road use and calculates your premium on a pay as you drive basis.

How you use your classic car – Most classic car insurance policies will offer a “social, domestic and pleasure†use with an option to include one place of commuting. There is also “Business use†which generally refers to travelling on your company’s behalf – such as to meetings etc. Be sure to clarify with your insurer exactly what you use your vehicle for and don’t pay for more than you need to.

Mileage Limit – If you use your Porsche solely on the weekends as a fun classic car then make sure you limit your mileage to a sensible figure. Insurance companies will take the view of the lesser miles you do each year the smaller the chance of being involved in an accident, hence a lower premium.

Security Enhancements – Your Porsche may come with an immobilizer as standard, but adding extra features such as wheel locks, and parking your classic car in a locked garage at night will slash your premiums. Best thing to do is ask your insurance company which security features they recommend and which ones they offer discounts for.

Pay annually – Spreading the cost of classic car insurance may seem like a good idea but interest charges can add as much as 20% to a premium so if you can afford it, it is best to pay upfront.

Increase your voluntary excess – The excess refers to the amount you pay in the event of a claim. The higher you set this, the lower your premium will be, however be classic careful not to go overboard, set it to a level you can comfortably afford.

The fastest way to save is to shop for classic car insurance online as most companies offer their best deals through the Internet – you can compare quotes to save time and money.

Laid-up Policies

What is a laid-up classic car insurance policy? Sometimes it is necessary to take a classic car off the road for a period of time. This is particularly true of classic classic cars, where major restoration work may be needed. At this time, there would be little point in arranging a full classic car insurance policy, but some risks still remain. The classic car could still be stolen or damaged by theft or attempted theft, and it could still suffer from fire damage.

For these reasons some classic car insurance companies provide laid-up cover. Provided the classic car is garaged, the company will give a classic car insurance quote based on the value of the vehicle, and will provide cover as described.

Your motor insurance Certificate and Policy

Your motor insurance certificate is often a "shortened" one-page document and is normally accompanied by your insurance policy document (which can often run to many tens of pages). You must study your policy, as this is the document that forms the basis of the contract between you and the Insurance Company. There are many different types of policy wordings/rules (for example, your policy may not cover drivers of your classic car who are under 25 years old) so make sure that you read it and that you have asked about the policy conditions at the time you take it out.

The Road Traffic Act requires all motorists to be insured against their liability for injuring other people (including passengers) and for damage to other people's property. It is also vital to keep your insurance company up-to-date including vehicle modifications and fixed penalties as it is an offence not to disclose such information and it may affect any claim you make.

Fully Comprehensive Classic Car Insurance

Comprehensive classic car insurance provides maximum cover. A classic car insurance company will normally provide the following as part of a comprehensive motor insurance:

• Liability for injuries to other people, including passengers
• Liability for damage to other people's property
• Liability of passengers for accidents caused by them
• Liability arising from the use of a trailer (Including a classic caravan), while attached to the classic car
• Fire damage
• Theft and/or damage caused by theft or attempted theft
• Accidental damage to your own classic car
• Glass in windscreens, sunroofs and windows
• Personal accident cover - a specified sum is paid in the event of the death or permanent disablement of the policy holder. This cover is sometimes made available to the policyholder's spouse or other family members
• Medical expenses necessarily incurred up to a limit stated in the policy
• Loss of or damage to personal effects in the classic car, up to a specified limit

Third Party Fire & Theft Classic car Insurance

A Third Party Fire & Theft classic car insurance policy will provide you with the following cover:

• Liability for injuries to other people, including passengers
• Liability for damage to other people's property
• Liability of passengers for accidents caused by them
• Liability arising from the use of a classic caravan or trailer, while attached to the classic car
• Loss or damage caused by theft, or attempted theft
• Loss or damage by theft of in-classic car audio equipment, subject to a policy limit
• Fire damage

There is a certain element of class and prestige associated with driving a premium vehicle such as a Porsche 911. This iconic vehicle does make a statement about the owner’s style, status and wealth – the more expensive and pleasurable to drive the classic car, the more successful and wealthy the owner is perceived to be. However a premium classic car such as a 911 comes at a premium price – and it’s not just the initial price tag but the ongoing costs such as classic car insurance especially considering the majority of 911s are in the most expensive group (insurance group 20).

There is a certain element of class and prestige associated with driving a premium vehicle such as a Porsche 911. This iconic vehicle does make a statement about the owner’s style, status and wealth – the more expensive and pleasurable to drive the classic car, the more successful and wealthy the owner is perceived to be. However a premium classic car such as a 911 comes at a premium price – and it’s not just the initial price tag but the ongoing costs such as classic car insurance especially considering the majority of 911s are in the most expensive group (insurance group 20).

No Claims Bonus

Most classic car insurance policies operate a no claims bonus scheme. Each classic car insurance company will set out in its policy the scale of no claims bonus that will apply. After a policy has run for 5 or more years claim free, a maximum bonus of 60% to 70% will be allowed. At this stage motor insurance companies will often allow bonus to be protected or guaranteed. Cover varies between classic car insurance companies, but typically the situation will be as follows:

• Normal no claims bonus - builds up year-on year unless a claim is made, in which case bonus is reduced by 2 years
• Protected bonus - classic car insurance policies allow for up to 3 claims over a specified period before bonus is lost
• Guaranteed bonus - for an additional premium, bonus can be retained irrespective of how many claims occur

Protected No Claims Bonus

Most classic car insurance policies operate a no claims bonus scheme. Each classic car insurance company will set out in its policy the scale of no claims bonus that will apply. After a policy has run for 5 or more years claim free, a maximum bonus of 60% to 70% will be allowed. At this stage motor insurance companies will often allow bonus to be protected. This means that you may make as many as 3 claims over an agreed period (usually 2 years) without any loss of no claims bonus. Without this protection, 2 years of no claims discount will be lost for every claim made.

It should be remembered that no claims bonus can be lost even if a claim is not your fault, e.g. if the classic car is stolen.