High car insurance costs on old car

[riptide]

Why is it old cars cost so much to insure. If it is less than £5,000 in value, you have high excesses on everything and are doing less than 3,000 miles a year, why do you still get charged £400.00 for car insurance. I think these insurance companies are taking us for a ride.

Anyone else having the same problem

[bednobs]

all insurance companies look at the risks involved. It's more likely they are looking at what damage you could cause to other people, rather than the cost of replacing your car. they will look at your claim history, the amount of years you've been driving etc too. Having said that, mr bednobs has a 43 year old landy in which he does about 3k miles a year, and it's less than £100 to insure

[123everton]

The Landy will be on a classic policy.
Insurers (crooks), will view an older vehicle as easier to steal.

[TTG]

Shop around online.

[gingejbee]

No - am very happy with More Than : actually paying LESS this year than last and excesses haven't changed.

[redcrx]

you can do just as much damage on the road in a 1980s ford escort as you can in a brand new car.
you are insuring against damage caused to others, not just your car

[jake-the-peg]

That doesn't make sense Everton

Classic car insurance is very low

As pointed out they're generally not worried about your car being lost or stolen as they'll simply write it off cheaply.

They're more worried about how much you'll cost them when you hit something - so it's all about history and how much and where you drive.

[riptide]

Well I have a protected no claims bonus and 18 months ago I backed into a car and caused slight damage on the door, none on mine. Although they said it would alter my policy I think they are upping their premiums. I am an older driver, the car is a 7 year old BMW 318ti sport hatchback and they say that because the word "sport" is shown on the car's spec. it does change the insurance. For goodness sake it is not a sports car.

[redcrx]

pretty much all insurance policies are increasing year on year, unless your young enough to have a dramatic drop in premiums as you age.

the insurance companies are losing out in a lot of fake claims and when cars are uninsured too

[twix123]

Car insurance premiums have gone up approximately 31% in the last year, mainly caused by the high incidence of fraudulent claims together with the fact that nearly one in twenty cars on the road are not insured, which has resulted in insurers paying out about £122 for every £100 premium they have received. Obviously they cannot sustain this level of paying out without recouping it from somewhere, which is why the honest motorist who insures his car carries the burden!

[123everton]

Classic insurance revolves around limited mileage, agreed value, it often does not accrue N.C.B and is usually predicated on it being a second car.
The idea is that you only use it on a Sunday, sort of thing.

[123everton]

To be fair Eddie you can get classic policies on 15 year old Jags, several other marques also. You just have to be a member of a club.
The tax thing was changed too (bas tards) only vehicles built before 1973 are now exempt.
But you are right, the basic prise of classic policies is to drive to shows and back etc.

[riptide]

Well thank you all for your comments. I did look on the Parkers website but cannot see my car as it is the old BMW 3 door hatchback although it does have 318ti sport after it. I am going to check into this, it may be it will have to go and I shall get a ford ka which all I really need now I do not do many miles.

Thanks all comments always appreciated.