There are many people that buy their first classic car that requires an awful lot of restoration work carrying out on it. So, what do you do about insuring the vehicle?
Well, it really depends if you intend to drive the car on the public road network at the same time that it is being renovated. If you do intend to do that you will need to take out a classic car insurance policy as it is a legal requirement that the car is insured at least for third party cover.
Laid Up Classic Car Insurance provides protection whilst your car is being restored
However, if you are going to restore it in your garage for a few months and not take it out on the public road system there are a couple of alternatives. As long as the car is declared SORN (Statutory Off Road Notification) you can choose not to bother insuring it but is that really a sensible thing to do? Yes, if you knew that the classic car was not going to be damaged or stolen whilst being restored then not insuring it would not be a problem but you have no guarantee that this will be the case.
Therefore, it would be sensible to take out some form of insurance cover on the vehicle. Rather than go to the expense of taking out a normal classic car insurance policy that provides either third party, third party fire and theft or fully comprehensive insurance you could just take out Laid Up cover that is cheaper.
Laid Up cover will provide insurance cover for your classic car that has been declared SORN and is kept in a garage should it be stolen or damaged due to a fire taking place. This will provide you with peace of mind in respect of a vehicle that could have cost you a considerable sum of money to buy. Once the restoration work is completed and you are ready to drive it you can then look to arranging a normal classic car insurance policy.
