UK-based financial mutual and friendly society LV= has launched a new policy specifically aimed for vehicles that are more than 20 years old, marking its first branded classic car insurance.
Under the new policy, vehicles that are not used for a long-time or those kept in garage will be offered limited coverage. In addition, the policy also covers personal accident and medical expenses.
The policy is offered to drivers aged 30 or above.
LV= car insurance managing director Selwyn Fernandes said that the policy includes elements that classic car owners want, such as limited cover in the winter months, if the car isn’t being used.
"We recognise that many classic car owners don’t use their car in the same way as a regular car, so we have a created a policy tailored to their requirements," Fernandes added.
LV=, through its partner CSMA, has previously sold Frizzell branded classic car insurance.