Published on May 19th, 2017 | by admin0
What is Classic Lorry Insurance Cover?
Some sticklers for definitions might immediately ask what it is that makes any lorry a “classic” and therefore in need of specialist classic lorry insurance.
They might point to any number of categories included under the broad title of classic – such as veteran, vintage, “old-timers” (a generic description used in many European countries) or even “exotics” (a term often used in the United States, but reserved mainly for classic foreign sports cars).
Some insurers may also be as guilty as the more pernickety classic lorry insurance in wanting to know exactly what category your own make and model might fall.
Specialist insurance providers
Specialist providers of classic lorry insurance, on the other hand, have the expertise and the experience to take an altogether more realistic and practical view – if there is a general consensus that any vehicle over, say, 15 years old is a classic, then that is how the lorry in question may be insured.
This gives the specialist broker and provider an edge over many regular motor insurers when it comes to arriving at that all-important valuation of your classic lorry. Where standard motor insurance is based on the known risks and costs of claims concerning vehicles that are still in mass production, the specialist is equipped to consider each classic vehicle on its own merits.
This extends to classic lorries which were once the lifeblood of the British transport industry and amongst the most commonly seen commercial vehicles on the country roads – classics such as the Bedford TK, described by Truck and Driver as probably the most iconic workhorse of any haulage vehicle.
Characteristics of classic lorry insurance
In addition to the specialist nature of valuation, there are a number of other characteristics commonly encountered in classic lorry insurance:
- annual mileage restrictions, for instance may help to keep your premiums down, on the basis that a vehicle which is covering fewer miles in a year is less likely to be involved in an accident and be the subject of the ensuing claim for loss or damage;
- if your classic lorry is a working vehicle, though, and continues to do the job for which it was originally manufactured, you are well to do without any such mileage restriction – so you might want to make sure you have the choice on unlimited or limited annual mileage;
- however well-loved your classic lorry, it is most unlikely to be the only motor vehicle in use by your family – so, there is likely to be the opportunity for a further cost saving since many insurers offer attractive discounts to customers who insure more than one vehicle with them;
- your classic lorry might be as distinctive and show-stopping as those scheduled to appear at this year’s Classic and Vintage Commercial Show held at the British Motor Museum in June, but when it comes to insurance for the vehicle there are still some very familiar features you may recognise from your regular motor insurance;
- amongst these is the ability to earn attractive no claims discounts if you manage to avoid making a claim in the previous 12 months, and the option to increase any excess you pay on each claim in return for a reduction in the price of the premiums.
Classic lorry insurance offers a specialist form of cover for what you are likely to prize as a very special vehicle.