The subject of modern classics is a complex one when it comes to insurance, so we asked long-established specialist insurer Adrian Flux some of the questions likely to be uppermost in your mind when it comes to getting them covered properly.
CW: Many of these are quite modern even as modern classics. Would they still be eligible for classic insurance or at least modern classic insurance?
AF: Cars can be classics even if they are a little more modern. We can offer classic policies, as long as they are classic in terms of vehicle use, perhaps if they are second cars doing low annual mileages with low risk use and not being used for commuting or business.
CW: Obviously newer cars can be used more frequently and since classic policies tend to restrict mileage, what kind of mileage limits would be imposed?
AF: Modern classics are so much more reliable than their older counterparts so they can generally be driven further before thing start to go wrong. But there is a maximum permitted mileage of 7500 miles if you want your car to qualify for a classic insurance policy.
CW: Some of the younger classics aren’t yet well supported by the parts suppliers. In some cases this might mean that the only way they can be repaired after an accident would be with used parts. Does this make them harder to cover or more likely to be written off?
AF: I wouldn’t say that younger classics are harder to insure, but the chances of them being written off are probably higher because of the higher costs of parts and repairs.
CW: Does membership of an owners’ club still make a difference to classic insurance?
AF: You will probably save money on the cost of your insurance if you join an owners’ club. We recognise many owners clubs and have discount schemes for each.
CW: And if so, what constitutes an owner’s club for the purpose? Does just being a member of an online forum qualify?
AF: We will normally recognise your owners club if you pay annual subscriptions to be a member of it. There are a huge number of them around.
CW: What cars/brands have you identified as being up and coming ‘new school’ classics?
AF: Every year a new set of classics come into being. What may be considered a bit of a wreck one day can be considered a classic the next. The Abarth is a good example, the Ferrari 695 Tributo model or the Maserati model. In fact, any top spec, limited edition, special edition, limited production run, of any make or model, can quickly be deemed a modern classic. Generally, if a car is increasing in value because of its rarity and therefore its desirability is increasing it will be deemed a modern classic. The Ford Focus RS is already increasing in value for example, as is the last run of the Subaru Impreza WRX – they are both becoming modern classics. Likewise the special Impreza models, some of the early John Cooper Works Minis and any Audi with an RS badge will be very collectible within a decade or so.
Thinking of getting your hands on a modern classic car? Well keep an eye on Classics World for part one of our old school vs new school classic feature, where we will visit the controversial subject of traditional classics compared to their more youthful equivalents.