MG car insurance
If you're looking for cheap car insurance for an MG then finding the right policy needn't be a hassle - if you shop around and follow some straightforward steps to reduce your premiums, you could find an affordable deal that offers all the cover you need.
Is insuring an MG different from insuring other vehicles?
Generally, what you expect from car insurance for an MG sports car should be just the same as if you were insuring any conventional model – car insurance should cover you against the cost of accident related damages and injuries depending on the level of cover you choose. There are three broad options – third party only, third party fire and theft, and comprehensive cover, with the latter generally protecting your own vehicle from damage (subject to exclusions) as well as offering cover options such as windscreen cover, medical expenses and accidental damage cover.
To get an overview of how much it would cost to insure your MG use the Association of British Insurers’ (ABI) database, which ranks vehicles into groups from 1-50 (previously 1-20) with those in higher groups being subject to higher premiums. As an example, the MG F 1.6 Convertible from 2001-2002 is classified into group 24 on the new system, whereas the MG F 1.8 Trophy 160 Convertible produced in 2001 is classified in group 33, suggesting it is significantly more expensive to insure. This is primarily because it has a larger engine – and performance cars are perceived as more likely to be driven at fast speeds and be involved in high impact accidents. So choosing an MG with a small engine is a smart move to save money on your car insurance. Similarly older cars generally qualify for cheaper premiums as they cost less to replace/repair in the event of an accident, write-off or theft.
However, if your MG was built before 1975, it may be considered a classic car by your insurer and even modern MGs that are 5 to 10 years old may be deemed as “cherished” vehicles. Generally, classic and cherished cars have attributes that set them aside from conventional vehicles - for example, their values may be more difficult to determine, while their parts may be more expensive to replace and their repair costs and times may be more difficult to evaluate. MG Midgets are not classified into groups on the ABI database, for example, and so their owners may wish to look for a specialist policy.
What can a specialist car insurer offer?
If you choose to insure your MG with a specialist car insurance company you may benefit from a number of features that might not be available elsewhere, including:
Agreed valuations: If an MG were written off or stolen while insured with a conventional insurer it may be subject to a market valuation. As the value of classic cars can be so difficult to determine, this means there is a risk your MG could be seriously under-valued. However, with an agreed valuation you know from the outset what your car is worth if the worst happens. Some insurers even offer increasing valuations to reflect the fact that some classic cars, such as the MG Midget, may increase in value each year.
Advanced driving discounts: Some insurance companies offer premium reductions if you complete an advanced driving course.
Hire cover: Your MG may be so popular that others want to hire it for special events. If that’s the case then look for specified cover in your policy.
Limited mileage discounts: If you only use your MG on rare occasions then look for a limited mileage discount which will reduce premiums based on the fact that you spend less time on the road.
Owners’/manufacturers’ club discounts: If you are a member of an MG dedicated club then let you insurer know as it may help to reduce your premiums.
Track/rally cover: MG owners wanting to enter their vehicle into a track race, rally or hill climb should ensure this is covered under the terms of their policy.
Despite these incentives, you should still consider quotes from conventional car insurance companies even if you drive a classic MG because many regular car insurance companies include specialist teams dedicated to classic cars and may offer quotes that are even more competitive. Use a comparison website to get an overview of what’s available to you both in terms of quotes and cover options.
How can you save money on insurance for an MG?
Regardless of which MG you drive, there are plenty of ways to save money on car insurance including:
Annual payments: You can avoid monthly interest charges by paying premiums annually.
Excess payments: Increasing the voluntary excess on a car insurance policy will usually lower premiums. However, the excess is your contribution to a claim so keep it at a level you can comfortably afford.
Safe driving: You may be able to build up a no-claims discount if you avoid accidents – this could reduce premiums by as much as 60 per cent after four or more years.
Safe parking: If you leave your MG in a garage overnight away from thieves and vandals, it could earn a discount from your insurer.
Security devices: Car alarms, immobilisers and trackers often earn discounts from insurers.
