How to Insure Your Classic Car in Europe

Your 1972 BMW 2002 isn't worth €5,000 anymore. It's worth €25,000, and if someone writes it off, standard insurance will pay you market value for a "45-year-old used car" — a fraction of what you've invested.

This guide from Finds, a BetterQA project, explains how to get coverage that actually protects your investment.

Agreed Value vs. Market Value

Market Value (standard insurance): The insurer determines what your car is worth at the time of a claim. For classics, this often dramatically undervalues the car.

Agreed Value (classic insurance): You and the insurer agree on the car's value when the policy starts, backed by documentation. If the car is totaled, you receive the agreed amount.

Usage Restrictions

Classic car insurance typically comes with limitations:

• Mileage caps: Typically 3,000-8,000 km/year
• Pleasure use only: Not for daily commuting
• Garage storage: Many policies require overnight garage storage
• Secondary vehicle: Most require you to own a separate daily driver

European Specialist Insurers

• Hagerty (UK, expanding in Europe)
• OCC Assekuranz (Germany)
• Zurich Classic Car (pan-European)
• Classic Insurance AG (Switzerland, Germany)

Common Mistakes

1. Under-insuring to save premium: If you agreed on €20,000 but the car is now worth €35,000, you'll receive €20,000 if it's totaled.
2. Not updating after improvements: Major restoration should trigger a policy review.
3. Exceeding mileage limits: Keep records and contact your insurer if you'll exceed limits.

When buying through platforms like Finds, arrange insurance before you bid. Many agreed value policies take 24-48 hours to activate.

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Finds is a classic car auction platform built by BetterQA.