Owning a classic car is a passion. But it is also a responsibility, particularly when it comes to insurance. Given the sometimes high value of the vehicle, its rarity and its particular use, standard cover is not always sufficient. AXA, Baloise and Foyer, three major players in the Luxembourg market, offer dedicated solutions. Here is an overview to help you see things more clearly.
Oldtimer or youngtimer: what are we talking about?
The first question is one of definition. At AXA, the distinction is clear: youngtimers refer to vehicles over 15 years old whose value exceeds €5,000, while oldtimers concern cars built before 1980, valued at a minimum of €10,000. Baloise adopts a slightly different and more flexible approach: the threshold is set at 25 years, below the 30 years required by Luxembourg legislation to obtain official historic vehicle status. Foyer, for its part, has named its offering “Rétromobile” and lowers the bar even further, accepting vehicles from 20 years of age.
In all three cases, the administrative historic vehicle status is not mandatory in order to take out a policy. “We are more flexible than the legislation,” confirms Baloise. The same message comes from Foyer: “Historic vehicle status is not required. We really cater to vehicles that are over 20 years old,” explain Lionel Colle, Head of Product Management, and Bastien Monserez, Automotive Expert within the Procurement and Automotive Assessments department.
Packages tailored to every profile
The three insurers agree on one point: oldtimer insurance comes in several levels of cover, just like a standard policy. AXA offers three packages. Third-party liability covers damage caused to others. The mini-casco — the most popular option — adds protection against theft, fire, glass breakage and natural disasters. Finally, the full casco provides comprehensive cover. “We have around a thousand clients for classic car insurance,” notes Johann Girost, Head of P&C Retail Underwriting and Actuarial at AXA Luxembourg. At Foyer, the insurer claims to have several thousand vehicles in its portfolio and around 200 new subscriptions per year. A niche market, certainly, but one that continues to grow.
At Baloise, which claims a long-standing position in the prestige vehicle market, the approach is similar. Vehicle valuation can be carried out in two ways: either on the basis of an agreed assessment with the insurer, or on a first-risk basis — that is, by contractually defining a maximum amount. “A counter-assessment can always be requested,” specifies David Destappes, Head of Local Market at Baloise.
Foyer, for its part, works with an agreed value set with the client. “Our pricing is not based on a catalogue value from the era, which has become largely irrelevant for this type of vehicle,” the insurer explains. It is therefore this agreed value — verified using professional valuation tables and market listings — that the client recovers in full in the event of a total loss, theft or fire. In terms of cover, the insurer offers the same range as for a recent vehicle, from basic third-party liability through to comprehensive cover.
The assessment: a key step
This is arguably the most important part of the entire process. At AXA, an expert appointed by the insurer visits free of charge to assess the vehicle, compile a complete file — photographs, technical data, general condition — and determine its precise value. This document becomes the reference in the event of a claim. Both AXA and Baloise recommend revising it every five years, as the classic car market can shift significantly.
At Foyer, the process is slightly different. The client can bring their vehicle to the head office, with or without a prior assessment report. On site, a team of enthusiasts — “it is not uncommon to see experts half lying under a car, or with their head in the engine,” they say with a smile — evaluates the vehicle according to condition grades (from grade 1, “concours perfect”, to grade 4), cross-referencing Classic Data tables and professional listings. If the client owns several vehicles, the insurer comes directly to them. Foyer recommends a revaluation every two years, taking into account any restorations and market developments.
Usage, mileage and storage: few restrictions
Good news for enthusiasts: restrictions are limited. All three insurers cap annual mileage at 7,000 km, a threshold rarely reached in practice. “It is to ensure a premium that is truly adapted to the vehicle’s use,” all three insurers explain. Baloise additionally offers an option at 15,000 km per year, with the rate adjusted accordingly.
Regarding storage, no requirement for an enclosed garage is imposed as a general rule. At Baloise, keeping the vehicle in a garage can even earn a rate reduction. Foyer does not impose specific storage restrictions either, on the basis that “clients generally take the necessary steps to keep their vehicle secure”. For very high-value vehicles — above €100,000 to €200,000 — additional security measures may be recommended. “Don’t worry, they keep them safe,” sums up one expert, who confides that he sometimes visits private garages that look like showrooms.
It should be noted, however, that insurers often impose one small condition: the insured vehicle must not be the client’s only car, as part of a risk-sharing rationale.
Rallies and circuits: cover is possible, but regulated
The question of cover during automotive events comes up regularly. All three insurers give the same answer: tours and gatherings are covered, but timed competition is not. “Anything that is timed is excluded,” confirm Lionel Colle and Bastien Monserez at Foyer. “Going for a lap on the Nürburgring? That might not be the best idea,” adds Johann Girost at AXA.
Baloise goes a little further by specifying that a track day — such as a day at Spa-Francorchamps — can be covered for third-party liability, or even for material damage subject to an additional premium, provided there is no competitive element. Foyer is more cautious on this point: after a few unfortunate past experiences, the insurer prefers to keep this type of risk under control, referring clients to the specific insurance offered directly by the circuits.
In the event of a claim: clarity and responsiveness
All three insurers emphasise the simplicity of the claims process. In the event of a total loss, it is the defined value that prevails, minus the salvage value. “If we agreed a year ago that the car is worth €100,000, that is the value the client will receive,” each insurer explains. Hence the importance of keeping the assessment up to date.
For repairs, Baloise has an in-house team of experts specifically trained in classic vehicles, particularly in Belgium, a country where oldtimer culture is especially well developed. Foyer, for its part, has a specialist partner provider for managing breakdown assistance, capable of handling the most specific cases. AXA echoes the same approach.
Collectors: a special case
For owners of multiple vehicles, all three insurers offer tailored packages. “People who have a collection of ten vehicles do not insure themselves in the same way as someone who only has one,” points out David Destappes at Baloise.
At AXA, premiums do not stack up mechanically, since it is physically impossible to drive several cars at the same time. Foyer applies a decreasing multi-vehicle discount from two vehicles onwards. For very large collections, bespoke pricing can be negotiated, with specific conditions including, for example, the notion of “exclusive driver”. “There are limits,” caution the two experts at Foyer.
What budget should you expect?
To give a concrete idea, we requested a quote* to insure a 1975 MGB Cabriolet valued at €17,000. AXA prices the insurance for this model at around €30 per month for a mini-casco policy. Third-party liability alone comes to around €20 per month, and full casco between €70 and €80.
Foyer carried out the same exercise. The result: around €70 to €75 per month for comprehensive cover — third-party liability, material damage, theft, fire, glass breakage, breakdown assistance, replacement vehicle and legal protection. By opting for a lighter package — without the material damage cover — the cost drops to under €440 per year, or around €35 per month.
At Baloise, rates vary according to the driver’s profile, declared mileage and assessed value. “If you have several, it’s even cheaper,” assures David Destappes, who also went through the exercise and estimates around €35 per month for a comprehensive package and €12 per month for a more basic one.
One thing is certain for all three: insuring an oldtimer remains affordable, from a few tens of euros per month to a few hundred for exceptional vehicles.
Beyond the figures, the insurers agree on a more personal dimension. “It is something that matters, especially because it is emotional,” they confide, well aware that this is an entirely different market from that of the “modern” car. Unanimously, all three insurers end with this piece of advice: a recent assessment and an appropriate policy make all the difference in the event of a claim.
Finally, Baloise and Foyer have indicated that they are considering the evolution of their offerings for classic cars.
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*Prices are indicative, serving primarily to provide a concrete example for our article.
