Classic Car Insurance

Classic Car Insurance | Ensure your vintage car with Monefi!

What is classic car insurance?

Equity release is a financial scheme that allows homeowners, typically those aged 55 or older, to access the equity tied up in their properties without having to sell their homes. There are two primary forms of equity release: lifetime mortgages and home reversion plans.

What Is Classic Car Insurance
Classic Car Insurance 2
  1. Lifetime Mortgage: With a lifetime mortgage, you take out a loan secured against your property. You can receive a lump sum, regular payments, or a combination of both. The loan and any interest accrued are repaid when you (or both you and your partner) pass away or move into long-term care. The house is then sold, and the proceeds are used to settle the loan. If there’s any money left after repaying the loan, it goes to your estate.

  2. Home Reversion: In a home reversion plan, you sell a portion or your entire home to a home reversion provider in exchange for a lump sum or regular payments. You can continue to live in the property, often rent-free, until you pass away or move into long-term care. When the house is sold, the proceeds are shared between you and the provider based on the proportion of ownership you’ve sold.

Equity release can offer financial flexibility in case you are retired, but it’s essential to consider the impact on your estate and inheritance for your loved ones. Get advice from our localised mortgage senior experts on your personal situation before booking anything! It’s always better to get an experts opinion on such personal finance matters. 

What's the difference between classic car insurance and standard car insurance?

At Monefi, you get tailored contracts by choosing the best mobile contract type for you.

Monthly Contracts

As the name suggests, you pay for this type of contract on a monthly basis. Monthly deals typically have larger allowances when it comes to calls, texts, and data, so may be a better option for those who use their phones regularly. If you want the latest phones, a monthly contract can help you spread the cost of these new devices.

SIM-only Contracts.

If you’ve already got a phone you’re happy with but don’t have a tariff with a network provider, a SIM-only deal might be the best option for you. These contracts, usually paid on a monthly basis, only see you pay for the value of the SIM card, not the cost of a phone as well. As a result, SIM-only deals tend to be cheaper than other monthly contracts that include the value of a phone.

When does a car become classic?

Releasing your equity is like having a flexible financial friend. You can use the money for various things – from home improvements to giving early inheritances or clearing your existing mortgage, etc. Plus, here’s the beauty of it: you don’t need to pay it back until the last homeowner on the deeds passes away or requires long-term residential care.

If you don’t want to part with your family home but need extra money, especially for your retirement, equity release is a smart choice. Our dedicated team at Monefi is here to make it simple and guide you through every step. Click below to book your free consultation today and don’t miss on making the most of your own equity. Let your existing assets ease your life for good.  

Cover for veteran, vintage, classic and modern classic cars:

Your Home Remains Yours

With our lifetime mortgage, your treasured home remains in your possession. You retain full ownership while accessing the funds you need.

No Financial Burden

With our no negative equity guarantee, you can rest easy knowing that you'll never be required to repay more than the amount your home fetches upon sale, as long as it's sold at the best price reasonably attainable.

Legacy Preservation

You have the option to earmark a portion of your home's value to pass on to your family, even though it may lower the amount you can borrow (with a minimum borrowing limit of £15,000).

Your financial security is our priority!

What's covered?

Your eligibility for equity release depends on these 6 key factors:

What Does Classic Car Insurance Cover

Comprehensive Coverage:

In case of accidents, theft, or fire, this coverage safeguards your car.

Laid-Up Protection:

This coverage applies to fire, theft, or damage when your car is registered off-road.

European Driving Coverage:

Enjoy up to 90 days of European driving annually with this feature.

Breakdown Assistance:

Receive breakdown and recovery services in the UK and Europe, excluding breakdowns at home.

Protection for Personal Belongings:

Receive coverage of up to £500 for personal belongings in your car.

Driving Other Insured Cars:

Drive any other car insured by Hagerty with this provision.

Personal Number Plate Security

Drive any other car insured by Hagerty with this provision.


Personal Accident Coverage

Drive any other car insured by Hagerty with this provision.


Legal Expenses Coverage

Drive any other car insured by Hagerty with this provision.

What's Not Covered By Classic Car Insurance

What's not covered?

Racing and Rallies Exclusion

When you connect with us, our dedicated team will kickstart the process by confirming your eligibility for our lifetime mortgage. They’ll arrange a chat with a qualified, FCA-regulated equity release advisor. If it aligns with your needs, they’ll provide a personalised illustration and go over the important aspects like benefits, costs, and risks.

Electrical Problems Exclusion

Have an open conversation with your family to discuss your plans. Let’s work together to decide if this is the right choice for you. Monefi’s friendly team can help you figure it out from the very first call.

Tyre Damage Exclusion

Once the decision is in your favour, you’ll complete the application with your equity release advisor. We’ll arrange for an independent property valuation, and upon meeting the necessary criteria, we’ll notify you of the approved amount.

How long does a lifetime mortgage take?

Efficient Process, Timely Results:

For straightforward cases, the timeline from applying for a lifetime mortgage with us to having the funds in your bank account typically spans 8 to 10 weeks. It’s a swift and efficient journey to your financial goals.

How much cover do I need?

The right amount of life insurance depends on your circumstances, such as dependents, their needs, and available income sources. 

At Monefi, we empower you to make an informed choice in picking the most suitable policy for your situation and to avoid overpaying. Our approachable experts guide you through assessing your financial obligations, and create a customised policy that meets your family’s unique needs.

How can I reduce the cost of classic car insurance?

Home insurance, or house insurance, is crafted to provide financial protection for your home and your cherished belongings. With insurance policies, your home and possessions can be safeguarded against damage or loss from events such as fire, floods, storms, and theft, depending on your chosen coverage.


There are two main types: 

1. Avoid modifications 

2. Keep your mileage down

3. Improve your car’s security

How Can I Reduce The Cost Of Classic Car Insurance

How to make a claim?

Click on get a quote

Assistance in case of sudden and unexpected home emergencies, such as boiler breakdowns, burst pipes, electrical failures, or lockouts. It typically offers access to a helpline for immediate assistance and covers the cost of emergency repairs, ensuring your home remains safe and functional.

Provide the needed documentation

Accident cover provides financial protection in case you or a family member is injured within your home. It can help cover medical expenses, loss of income, or rehabilitation costs resulting from accidents that occur on your property.

Monefi filters your best options

Legal protection covers matters related to disputes with neighbours, tenants, or property-related legal matters. It covers the cost of legal advice and representation, ensuring your rights are protected.


What our customers say.

Latest news:

Frequently Asked Questions.

Can’t find what you’re looking for?

Typically, you can expect to receive between 20% and 60% of your home’s market value (or the portion you decide to sell). When contemplating a home reversion plan, it’s essential to consider:

– The possibility of releasing equity in multiple payments or as a single lump sum.

– The minimum age requirement for initiating a home reversion plan.

Although there aren’t inherent dangers or pitfalls, it’s vital to recognise that equity release will diminish the inheritance you can pass on to your loved ones. Similar to conventional mortgages or borrowing arrangements, you’re obliged to repay the borrowed amount, along with the accumulating interest, at a later date. It’s a financial commitment to be aware of.

Typically, the repayment of the lifetime mortgage occurs when the house is sold. If you decide to move into long-term care, you or your solicitor will oversee the sale process. In the event of your passing, if you have a will, an executor will handle the sale, or if you don’t, administrators will manage it. Any remaining funds from the sale belong to you or your estate.

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