Top Tips to Save on Classic Car Insurance Premiums in Australia

Classic car insurance is essential for protecting your vintage or luxury vehicle, but it can often come with a higher price tag compared to standard car insurance.  

This is due to several factors, including the unique value of classic cars, their higher repair costs, and the increased risk associated with their maintenance and storage.  

Understanding how insurers determine premiums and knowing ways to lower them can help you manage the cost of protecting your automotive treasure. 

In this article, we’ll explore several effective strategies to reduce your classic car insurance premiums in Australia, ensuring you get the best coverage at the most affordable rate. 

Tip 1: Limited Mileage Discounts 

How Reducing Your Annual Mileage Can Lower Your Insurance Premiums 

One of the primary ways to save on your classic car insurance premiums is by limiting the amount of mileage you drive each year.  

Insurers often offer discounts to policyholders who drive fewer miles because less frequent use generally reduces the risk of accidents and wear and tear. 

Typical Mileage Limits Insurers Set 

Most insurers set mileage limits for classic car insurance, often ranging from 5,000 to 10,000 kilometers per year. By staying within these limits, you can qualify for reduced premiums.  

If you’re an occasional driver who primarily uses your classic car for weekend drives or special events, this is an excellent way to lower your insurance costs.  

Additionally, tracking your mileage with a logbook or using a mileage tracking app can help you stay within the limits and provide documentation if required by your insurer. 

Tip 2: Secure Storage Discounts 

The Importance of Storing Your Classic Car in a Secure Garage 

Insurers recognize that classic cars are more secure when stored in a secure, enclosed garage rather than left on the street or in an unsecured location.  

Secure storage significantly reduces the risk of theft, vandalism, and environmental damage. As a result, many insurers offer discounts for policyholders who keep their classic cars in a secure storage facility. 

How Insurers Reward Secure Storage Options 

To take advantage of secure storage discounts, ensure that your classic car is stored in a garage with strong locks, an alarm system, and possibly even surveillance cameras.  

Some insurers may require proof of secure storage, such as photos or a description of the security measures in place. If you’re considering investing in additional security features, such as an advanced alarm system, this could further reduce your insurance premiums. 

Tip 3: Join Classic Car Clubs 

Benefits of Joining Clubs and How They Can Lower Your Premiums 

Joining a classic car club can be beneficial not only for networking with fellow enthusiasts but also for saving on your insurance premiums.  

Many insurers offer special rates and discounts to members of recognized classic car clubs because these clubs often promote safe driving practices and proper maintenance. 

Networking and Getting Better Rates Through Group Discounts 

Being a member of a classic car club can provide you with access to group discounts that might not be available to the general public.  

Clubs often have partnerships with insurers or can advocate on behalf of their members to secure better rates. Additionally, being part of a club demonstrates your commitment to maintaining and preserving classic vehicles, which can be favorable to insurers. 

Tip 4: Bundling Policies 

The Advantages of Bundling Classic Car Insurance with Other Policies 

Another effective way to save on your classic car insurance premiums is by bundling your classic car insurance with other policies, such as home, personal, or even additional vehicle insurance. Insurers frequently offer discounts for bundling multiple policies with the same provider. 

How Bundling Can Save You Money 

Bundling policies can lead to significant savings on your overall insurance costs. For example, if you combine your classic car insurance with your home insurance, you may qualify for a multi-policy discount.  

This approach not only simplifies your insurance management by dealing with a single provider but also maximizes your savings. When exploring bundling options, compare quotes from different insurers to find the best combination of coverage and savings. 

Save on classic car insurance with Sirius Insurance. 

Managing the costs of classic car insurance doesn’t have to be a challenge. By implementing these tips—reducing your mileage, ensuring secure storage, joining classic car clubs, and bundling your policies—you can significantly lower your premiums while still providing your classic vehicle with the protection it deserves. 

Contact Sirius Insurance today for personalized advice on how to save on your classic car insurance premiums.  

Our team of experts can help you explore the best strategies and find a policy that fits your needs and budget, ensuring you get the most value out of your insurance coverage.