Turning Your Passion Into A Money Making Dream

This is the very real prospect that every classic car enthusiast faces. No longer would they have to entertain a boring, repetitive nine to five job with little to no job satisfaction. They could turn their hobby and passion for restoring classic cars into a career they could call their own.

There are many avenues to explore. You could hire cars out for weddings or other events, set up a driving experience day's company or simply buy cars on the cheap and sell them at a profit. So first of all, what you need to consider is what market you are most interested in exploring? Study the market. Is there a sufficient demand for your product or service to make a successful business?

Hiring cars out for weddings, events and even movies is a profitable business for many. If you are not too fond of letting someone else drive your pride and joy then don the appropriate gear and you can get paid for driving your beloved vehicle.

In this field, classic car owners can start with just one car, then over time as the company becomes more profitable, invest in a larger fleet of cars, thus giving you a range of business opportunities.

Whatever business venture you decide to explore, the most important aspect of owning a classic is insurance. Unfortunately many insurance companies still get spooked by classic cars and will raise their premiums. Also, the value of the car can fluctuate from year to year, so some insurers will just not take the risk. It is important to find the right insurer for you and your newly found business. You can get a classic car insurance quote online by using a number of comparison sites.

There are specialist insurance companies that will offer certain features ideal for the classic car owner. Because some classic cars increase in value every year, these specialist insurers will automatically adjust their valuation and agree to payout a fixed sum in the event that your car is written off or stolen. For those now making a living from their cars, these three features are a must:

• Laid-up insurance – If you are a car dealer, this is perfect for when you are working on your car. It will cover you in the event of both theft and damage.

• Wedding/hire cover – If you are hiring your car out or have become a chauffeur yourself, then this cover is essential.

• Track/rally cover – For those who have decided to set up an experience day driving business.

Multi-car policies

When your business does becomes successful, you may want to invest in more cars. This will help you save even more money on your insurance premiums. You could be entitled to a ‘multi-car discount'. Check with the insurer because as long as all cars are registered to the same address, some insurers will let you place up to five cars on one policy and give you a large discount.

With any insurer, always read the small print, so you know and fully understand that you have the right level of coverage for your classic car. Make sure you understand how your no-claims bonus works and remember you are only able to drive a car that you are registered for.

A good tip is to scatter renewal dates. Having all five cars requiring an annual premium paid at the same time could put a huge dent in your finances.

Finally, there are many car enthusiast clubs out there. Depending on the make and model of you car, join one of these clubs. Joining a club will show that you are enthusiastic about your vehicle and can often result in you getting a 15% discount on your car insurance policy.

Photo by Martin Pettitt

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