It is already common practice when buying a used car and a matter of course for new cars - the repair cost guarantee. Only buyers of old cars have so far been left out. This is now set to change. Buyers of classic cars should also be able to benefit from repair cost insurance.
The classic car trading portal Classic Trader has launched a corresponding product together with the warranty insurer CG Car-Garantie and OCC.
Financial protection for both buyers and sellers of classic cars - this is the aim of the classic car insurance CT Warranty. Following the purchase of a vehicle, it covers up to 15,000 euros per claim for labor and material costs for certain assemblies. To the benefit of both parties. While sellers can thus increase customer satisfaction and protect themselves against warranty claims, buyers benefit from a prior technical check and the security of 12-month repair cost protection.
A technical check is a prerequisite for taking out the CT Warranty. It is carried out by an independent expert and offers the buyer additional certainty about the condition of the vehicle.
The repair cost guarantee from Classic Trader is suitable for classic and vintage cars that are a maximum of 68 years old - i.e. built in 1950 or later - with a purchase price of up to 300,000 euros and a maximum power output of 350 hp.
The repair cost guarantee is currently only offered in Germany, but Austria and Switzerland are set to follow. The insurance is cheaper than you might think. One example is a Triumph TR4 from 1962 in good condition. Here, the premium for 12 months would be around EUR 485. The premium amount depends on the horsepower and the condition rating, but is not dependent on the value of the vehicle.
As a classic car buyer, the insurance is included in the package with the car, which also includes the costs for the vehicle expert. More security without (large) additional costs. That sounds like a good idea.
Detailed information on the CT Warranty product can be found on the website of the Classic Trader trading portal.