Protect your car collection
What should you consider when insuring a classic car?
When insuring a classic car, it is first and foremost important to ensure that you are comfortable with the sum insured and the basis for your vehicle’s value, so that it does not differ from the current market value. To then be able to receive assistance in designing your insurance solution, it is helpful to consider, for example, whether you will
drive the vehicle and how much, what time of year, what geographical scope is required, and whether anyone other than you needs to be listed as a driver. In addition to the vehicle itself, the place of insurance and the security measures there are also important considerations.
Car insurance vs. classic car insurance
What distinguishes classic car insurance from standard car insurance is primarily that third-party liability cover is not included. Classic car insurance is not intended for everyday vehicles; in its design, it more closely resembles insurance for a collectible. This is due to the object’s value and the fact that it often remains unchanged—or may even increase—over time.
As with any collectible, or works of art for that matter, valuable unique cars require a different type of insurance than mass-produced cars.
How we insure classic cars
Many of our clients own entire collections and find it convenient to have a single insurance policy document for all their cars. We insure classic cars and performance cars for private individuals and for companies that are not car dealers. Our definition of a classic car is a vehicle that is at least 20 years old, and most of the vehicles we insure are older than that.
Our classic car insurance is unique in that it offers flexible cover and a sum insured that can be agreed with us from the outset. The insurance is renewed once a year, at the same time for the entire collection, which makes pricing and cover easier to oversee. The insurance does not apply to everyday vehicles and does not include third-party liability.
How much does classic car insurance cost?
The price of classic car insurance depends primarily on the type of object to be insured and the value of the collection. The premium is generally paid annually.
Insuring a car collection with a sum insured of SEK 3 million costs from SEK 9,000 and up.
What is covered by classic car insurance?
Our classic car insurance is primarily intended for cars that are not driven more than a few times a year, and it does not include third-party liability. With classic car insurance, you can feel confident that you will receive the right compensation in the event of damage or loss.
The following cover may be offered in Brookfield’s insurance for classic and performance cars:
• All-risk insurance including cover for theft and vandalism
• Transit damage
• One insurance policy document, one due date for the entire collection
What is required to take out classic car insurance?
To take out Brookfield’s insurance for classic and performance cars, you need to submit an enquiry providing details about yourself and your vehicle or collection.
Classic cars must meet specific requirements in terms of age, condition, and use. Performance vehicles can be insured individually—however, only in exceptional cases.
Company-owned car collections
We insure entire car collections and car museums, and we also offer specialist insurance for enthusiasts who have chosen to keep their latest investment in the garage.
In the latter case, Brookfield’s specialist vehicle insurance can also be taken out for performance vehicles if certain specific requirements are met and their value exceeds SEK 4 million.
What happens if the car increases in value?
If you have taken out classic car insurance with us at Brookfield, you can contact us at any time to increase the sum insured if the car has increased in value.
This allows you to agree exactly what compensation you will receive if the worst happens. Review the value of your collection regularly.