You don’t have to own the National Motor Museum at Beaulieu – probably the best known of all the UK’s motor museums – to need classic lorry insurance. In fact, anyone who owns a cherished commercial vehicle that fits the description of “classic”, is almost certain to need specialist classic lorry insurance.
That probably begs the question, of course, of just what is a classic lorry.
There is no easy or definitive answer. Veteran and vintage models are clearly defined by the date of their manufacture – veteran being those made before 1918, and vintage those made between 1919 and 1930, explains the Open Road website.
A classic lorry, on the other hand, might be any that is no longer in production, but which is sought-after and collectible – which is perhaps why a reader of Classic and Sports Car magazine suggested that the definition “classic” is so often in the eyes of the beholder.
Classic lorry insurance
And it maybe for that reason so many insurers are thrown into a spin when asked to insure a classic lorry
The majority of insurers like clear and indisputable definitions, preferably for vehicles that are still in production, and those in the ownership of a significant number of people. These are the characteristics that make vehicle valuation and the calculation of risks more straight forward – but are the very characteristics which set your classic lorry apart from the crowd.
If you need classic lorry insurance, therefore, you may be more certain of getting a sympathetic valuation, the cover you need, and a competitively priced policy if it is arranged with the help of an independent, specialist broker of classic lorry insurance.
Main features of typical cover
The valuation of your classic lorry is critical. The insured sum is the maximum amount the insurer is obliged to pay out in the event of a claim for the total loss of the vehicle – if it is destroyed by fire, for instance.
An accurate and realistic valuation of your lorry is more likely to be made by a specialist insurance provider with the expertise and experience of valuing such one-off vehicles.
Even if you occasionally use it for the commercial purposes for which it was originally made, a classic lorry is likely to have a much lower annual mileage than, say, your family car.
Reduced mileage means that the vehicle is on the road for less of the time and, therefore, at lower risk of loss or damage in a road traffic accident.
For that reason, specialist insurers of classic lorries typically offer attractive discounts if you agree to stay within an agreed annual mileage limit.
If you own a classic lorry, it is unlikely to be the only vehicle that you and your family drive, but is probably one of two or more that you all own.
By using the same insurer for all of the family’s vehicles, you may gain further discounts in recognition of your holding more than one policy with that provider.
In just the same way as other forms of motor insurance, cover for your classic lorry may be made cheaper – in terms of the premiums you pay – by agreeing to an additional excess which you pay in the event of a claim.