Guide for classic cars, youngtimers insurance - tips from financial experts

Guide for classic cars, youngtimers insurance - tips from financial experts

According to a report by www.stern.de, the article reports on the special insurance of classic cars and youngtimers on German roads. The article highlights that there are around 50 million cars on German roads, almost a million of which are 30 years old or older, with around 650,000 having classic car status.

In Germany, classic cars and youngtimers can be insured from the age of 20, provided they have a certain value. This special insurance is offered by automobile clubs such as ADAC, insurance companies such as Allianz or special intermediaries. In addition to insurance for the current market value (at least 5,000 to 10,000 euros), a short valuation is required that contains technical information, the vehicle value, a description of the condition, a condition grade and pictures of the vehicle. There are also certain requirements regarding the vehicle condition, usage and age of the policyholder.

The insurance of classic cars and classic cars typically consists of various modules, including motor vehicle liability insurance, partially comprehensive and fully comprehensive insurance. In contrast to new cars, whose value decreases, the value of a classic car remains relatively constant or even increases, which means that comprehensive insurance can make sense. In addition, many providers offer policies specifically tailored to the needs of classic car owners.

Classic car insurance usually costs less than regular car insurance because classic car owners usually drive their classic cars less frequently and more carefully and the risk of accidents is lower. The costs vary depending on the insurance and scope of services, with pure liability insurance starting at around 60 euros and fully comprehensive insurance starting at 220 euros.

In terms of the market and the industry, it is clear that the increasing number of vintage and classic cars on German roads is generating growing demand for special insurance products for these vehicles. Insurance companies are also required to offer tailored policies to meet the needs and requirements of classic car owners. The fact that classic car insurance costs less on average than regular car insurance could lead to more car owners choosing to insure their classic cars, which in turn could lead to a change in the insurance market.