Compare and Purchase Youngtimer Insurance

A “youngtimer” is basically a “young classic car”; these are usually cars that are 15 to 25 years old. Some insurers consider certain cars to be “youngtimers” as early as 10 years old.

Most "youngtimers" will become classics in the future. These are usually models that are no longer in production or of which only a limited number were made.

Only a small number of insurers offer youngtimer insurance. If your car meets the criteria listed above, you can purchase this special youngtimer insurance. An appraisal report is required to purchase this insurance. This is because, in the event of a total loss, you will be reimbursed for the appraised value. With standard auto insurance, you are typically reimbursed for the current market value in the event of a total loss.

Another advantage of youngtimer insurance is that you often pay a lower premium than with regular auto insurance. The insurer takes into account the fact that you use the car for recreational purposes and don’t drive many kilometers.

When choosing car insurance for your youngtimer, you should pay close attention to the additional terms and conditions set by the insurer. There may be restrictions on the number of kilometers you’re allowed to drive per year. Sometimes, you can only insure the youngtimer more affordably as a second car. With car insurance for a second car, you’re required to own a car for daily use. This means you may only use the youngtimer for recreational purposes and may drive a maximum of 7,500 kilometers per year.

Since a "youngtimer" is a relatively new car, you can also insure it for everyday use. At the bottom of this page, you can calculate the premium for your car right away and, if you wish, purchase car insurance.

WA

Third-party liabilityinsuranceis required by law for every car owner. This coverage provides compensation for damages caused to a third party due to liability.

Limited Comprehensive Coverage

Withlimited comprehensive insurance, you'realso covered for fire damage, broken windows, and damage caused by collisions with stray animals.

All-Risk

Comprehensive insuranceoffers the most extensive coverage. With this type of coverage, damage to your own vehicle caused by collisions is also covered by your own insurer. Additionally, vandalism damage is also covered under comprehensive insurance.
Comprehensive insuranceis the most logical choice for cars up to 6 years old.

In addition to the coverages listed above, it is possible to purchase supplemental insurance policies. These include, for example,passenger accidentinsurance andpassenger liability insurance.

The “youngtimer” regulation was introduced in 2016. Under this regulation, the 35 percent imputed income is calculated based on the vehicle’s current market value rather than its list price. Because the vehicle’s current market value is significantly lower than its list price, this can be very advantageous for business owners when they are considering purchasing a company car. In this way, business owners are, to some extent, rewarded by the tax authorities. Since you’re not driving a new car, it wouldn’t be proportionate to pay the additional tax based on the list price.

A “youngtimer” is a relatively inexpensive car. Cars depreciate significantly. The moment you drive a new car off the dealer’s lot, its value drops immediately. Buying a “youngtimer” can save you a lot of money. Youngtimers are popular. Generally, youngtimers are offered with low odometer readings. For a 15-year-old car, an odometer reading of 100,000 kilometers isn’t much. Partly because of the low odometer readings and the attractive price, youngtimers are very popular.

Even if you already have a youngtimer insurance policy in effect, it never hurts to compare different youngtimer insurance policies. Comparing options always pays off. After entering your license plate number and a few additional details, you’ll immediately see an overview of the different options. You’ll get a list of the various insurers, including their premiums and additional terms and conditions. Want to know if—and how much—you can save? You can quickly get a no-obligation estimate on our website.

Once your car is 15 years old, there’s a good chance you can call it a “youngtimer.” From that point on, if you use the car for both business and personal purposes, you’ll pay a 35 percent additional tax liability based on the car’s current market value. The current market value is determined by the Tax Authority based on the economic market value (WEV). However, most insurers have the current market value determined by a specialized appraiser. This appraiser considers not only the average market value but also individual factors. As a result, the current market value determined by the Tax Authority is often lower than the value assigned by the insurer.

Unlike classic cars that are 40 years old or older, you do have to pay road tax on a youngtimer. Only fully electric cars are exempt from road tax. The amount of road tax for a youngtimer depends on a number of factors. These include your ZIP code, the weight of the youngtimer, and the type of fuel it uses. When you lease a youngtimer, your employer or leasing company usually pays the road tax, and it is included in the lease payment.

The “youngtimer” scheme isn’t just appealing to business owners. It also offers benefits to private individuals. Are you considering purchasing a youngtimer as a private individual? There are certainly some attractive advantages for private individuals as well. Aside from the fact that a youngtimer is much more affordable than new(er) cars, for many people it also evokes a sense of nostalgia. Depreciation on a youngtimer is minimal. As a result, youngtimers from brands like BMW, Volvo, Mercedes, and Audi are also very popular among private individuals. The more luxurious cars that once seemed unaffordable to many people are now financially within reach.

The youngtimer rules for 2021 will remain the same as in previous years. In 2021, the additional tax liability will again be (at most) 35 percent of the car’s current market value. For fully electric cars, this rate is 17 percent. However, there are still few fully electric youngtimers on the market. This number will increase over the years, as electric cars are now produced more frequently than they were in the past.

A youngtimer can also be a good option for a self-employed person. As a self-employed person, you can use your business car for personal purposes as well. If you drive 500 kilometers or more for personal use in a business car, you must pay a tax adjustment. A certain percentage of the car’s value is added to your income, and you must pay income tax on that amount. While this percentage is higher for youngtimers than for newer cars, the major advantage is that for youngtimers, this percentage is calculated based on the current market value. This means you’ll still pay significantly less tax on your business youngtimer.

For a youngtimer, you can purchase what’s known as youngtimer insurance. As you’ve read above, there are three different types of coverage to choose from. Youngtimers aren’t often insured under comprehensive coverage. This type of coverage is usually chosen for new cars. However, you can choose to insure your youngtimer with limited comprehensive coverage. In addition to damage caused by another party (third-party liability), this coverage also compensates for fire damage, broken windows, and damage caused by collisions with stray animals.

If you’re the proud owner of a youngtimer or are considering purchasing one, you can quickly and easily get a quote on our website—even if you’re not yet sure exactly which one you’ll choose. This will give you a good idea of how much insurance for your youngtimer will cost.