How do you find the best insurance for your classic car? Is it possible to get cheap antique car insurance? It is possible to find cheap antique car insurance. Although classic cars are expensive to maintain and store, they can also be very valuable. Learn more about classic car insurance policies.
It’s rare that someone hasn’t turned their head as they drive down the road in order to take a closer look at a collectible or classic car. We are captivated by the car’s lines and its impeccable condition. The meticulous attention required to maintain a classic car’s perfect appearance and operation is more than just to attract admiring looks. It is also necessary to preserve the car’s market value. To meet the needs and protect collectible cars, special classic auto policies were created.
Another reason to insure your car as a collectible or classic vehicle is the significantly lowercost for classic car insurance than standard auto insurance. Classic auto insurance can be up to 200%-300% cheaper than standard auto insurance. What is the main reason for such a large price difference between standard and classic car insurance? Collector vehicles are generally only driven occasionally (the garage is usually where they are found). Collector vehicles are at a lower risk of being damaged or lost than vehicles that are regularly driven.
IS YOUR VEHICLE QUALIFIED?
Here is a list with classifications for collectible vehicles.
Old cars – 25+ years Custom car – 1949-present
Classic cars – 20-24 year old
Collectible cars for 15-19 year old
Exotic cars less than 15
Street rods, Pre-1949
This is the most common list of classic car insurance eligible cars. However, certain cars may be accepted by the insurer. Classic car insurers may customize an insurance policy to suit a specific vehicle.
WHAT ARE THE CONDITIONS IN COLLECTOR-VEHICLE INSURANCE?
Certain usage restrictions are placed on insured vehicles to keep collector auto insurance rates down.
Not suitable for daily use. It cannot be used to drive to work, do errands or to go to the restaurant. A classic car insurance policy would limit car use to driving to and fro car shows and occasional parades.
You cannot drive more than 2,500 miles per annum. However, there are insurance companies that will allow you to drive up to 5,000 miles or 6,000 miles per annum. To accommodate drivers who enjoy driving their cars to distant car shows, the mileage limit was increased. The premiums are higher.
Must be stored in a locked garage. An enclosed trailer or trailer will do. A carport won’t meet the grade, even if it is in a gated community manned by a security guard. The weather can also be an enemy to the classic car. Some policies may require that your car be kept in a designated parking area. It is possible for your car to be left in a hotel or motel parking lot.
WHAT CONSIDERATIONS SHOULD YOU KEEP IN MIND WHILE CHOOSING CLASSIC AUTO INSURANCE
Does your company offer either Agreed or Stated Value Insurance?
The classic car owner and the agent agree on a value that will be assigned to the car. This value does not necessarily reflect what the car is worth in the marketplace. The insurance agent will usually conduct a thorough inspection of your car, inside and out. They will also request photos.
What restrictions apply to mileage and usage?
Choose the policy that suits your needs. You don’t need to pay 5,000 miles for coverage when you can use the 2,000 available under a lower policy.
You can choose your own repair shop
While the Mom and Pop shop may be able to fix your car and give you the best price, do they really want to work on your “baby?”?
Who is responsible for the policy?
It is important to ensure that your underwriter has a track record of success and is capable of fulfilling all their obligations, even if there is an unusually large number of claims.
Do you have any discount programs?
Good insurance companies will always inform you about any discounts available, but it’s a good idea to ask.
Is your insurance offering insurance for classic and modified cars that are still under construction?
Some companies will keep track of your vehicle’s progress while it is in the garage. They also allow you to adjust the car’s value as the project proceeds. This type of insurance also covers damage to your vehicle in the event of a disaster, such as a fire or a malfunctioning hydraulic lift, or a tool cart falling on it. With a little imagination, the possibilities are endless.
WHY CANNOT I JUST ADD MY COLLECTOR VEHICLE TO THE FAMILY AUTO-INSURANCE POLICY?
It is possible, but it can be costly. You may have to accept the lowest possible repair bid if repairs are required. If the car is severely damaged, you could ask your insurance company to have it totaled. Although a discount may be offered for cars that are combined under one policy (e.g. classic auto insurance), it might not offer the same savings.
Make sure that your insurance company is familiar with classic cars. If your car is damaged or destroyed, it’s important to have a representative who can help you get the best value.
