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Hiring Out Your Classic Car? Here’s What You Should Know
Hiring out your classic car can be a great way to get a little extra income from your passion. It can help pay for your maintenance bills. And it can help you to justify keeping your prized possession. But there are some key considerations, like the implications on your classic car insurance to think about. Here’s our Easy2understand guide to what you need to know.
Ways to hire out your classic car
There are two main hiring options to consider if you want to make some extra cash from your classic car.
1) Using your classic car as a private hire vehicle
The first type of hire you may consider for your classic is where you’re driving and taking paying passenger(s). For example, you’re using your classic Rolls Royce for a wedding.
The wedding market is lucrative, and vintage vehicles can command big fees. For example, Bridebook recommends that the happy couple budget £395 if they want the use of a classic Bentley for three hours.
Bear in mind: If you do decide to hire your classic car as a wedding, or any other event, vehicle, you’ll need to apply to your local council for a Private Hire Vehicle Licence (PHV licence). You’ll need this licence even if you only hire your vehicle once a year.
2) Hiring out your classic vehicle for others to use
The second way of hiring out your classic car is to paying customers who will drive your vehicle on the road for a set period of time. This is attractive to people who like the idea of having a classic car but don’t, or can’t, go the whole way and buy one. These ‘experience’ days can be especially popular with people looking for a more unusual weekend break or honeymoon. And there are lots of classic and vintage car hire companies out there that you can use to hire out your classic.
You may also want to consider hiring out your vehicle for use on photo-shoots or film and TV sets. Again, there are agencies that specialise in sourcing vehicles of all ages and makes for film. Be wary of any company that charges a fee just to register – there is no guarantee that your vehicle will be used, so you could be out of pocket. Look for a reputable company that pays a good fee and will ensure comprehensive insurance is provided whilst your vehicle is being used on set. Don’t forget to check things like agreed value or modifications are included.
Bear in mind: If your car is in Concours condition or you would be upset if it got the old scratch, then hiring it out to others may not be the best option for you.
Insuring your classic car for hire
If you’re planning on hiring out your classic car and taking paying passengers, you’ll need ‘hire and reward’ car insurance. This is specifically designed for anyone who takes payment in return for taking passengers. If you have a classic, it’s likely that you won’t be using your car for hire and reward every day. That means that standard hire and reward insurance may not be the best value for you. Instead, speak to a specialist classic car broker like Easy2Insure. We can look at all your options and how you intend to use your vehicle. That way, we can tailor your policy to meet your specific needs at the best value price possible.
Insuring imported classics for hire
If you’ve got a left-hand drive classic, like a Chevy or a Plymouth, that you want to hire out, you’ll need specialist insurance. Easy2Insure can cover imports and all ages and specifications for your peace of mind.
It’s Easy2Insure your classic car
Making money from your motor can be relatively straightforward. But you need the right insurance, or you could find your money-spinning idea costs you more in the long run.
At Easy2Insure we understand that your classic car needs more than just standard insurance. Whether you plan to hire it out or not, we offer competitive quotes that give you real peace of mind. As an independent insurance broker, we are free to shop around to find you the best price without compromising on the level of cover. This includes:
- Flexible limited mileage options
- Agreed value cover options
- Modifications covered on a like for like basis
- Uninsured loss recovery for non-fault claims
- Legal cover up to £50,000
- Left-hand drive models
We can also help you to keep the costs of insurance down with:
- Second car insurance policies
- Multi-car insurance policies for collectors
- Security discounts
- Club member discounts
Call our friendly team on 0800 917 9522 or get a classic car insurance quote today.