Classic Car Insurance
Do you have a classic car and aren’t sure if you have the best auto insurance policy for your needs?
Have you been considering getting a new insurance policy for your antique or classic car but aren’t sure if you need it?
When you have a classic, it’s hard to determine what coverage is best for your needs. While you want to be covered no matter what may arise, you certainly don’t want to overpay for your insurance premiums. Having a collector car is certainly a perk in and of itself. However, there’s no reason to pay ghastly insurance premiums if you don’t have to. Read on to find out everything you need to learn about vintage auto insurance and determine if it’s right for your insurance needs.
The first thing you should consider when trying to decide what insurance is best for your classic car is the actual age of the car. While there are sometimes exceptions, typically any car which is 25 years old or older is considered an antique car. A car which is 25 years old and is currently being used as a primary vehicle may not be the best candidate for antique auto insurance. This is because many antique and classic insurance policies cover driving it to and from events such as competitions, fairs and shows but not for everyday use. This will also be enforced be limiting the number of miles per year your car is able to be used on your policy. However, you can discuss this with your provider before purchasing any new auto insurance policy.
The second consideration you should take in deciding the right insurance for your vintage car is the actual value of the car. Since many older models depreciate in price, this has more to do with the upkeep and restoration than the car itself in some cases. If your car exceeds the depreciated value, you can rest assured most antique car insurance providers will be happy to help insure your vehicle. In order to truly determine if your car will be covered under an antique insurance policy, your insurance provider will typically require a careful inspection of the vehicle to determine its value. Be advised, however that insurance companies covering antique cars usually will adhere to strict rules and restrictions regarding mileage and storage in order to maintain your coverage. While this can be a complicated process, it can certainly be advantageous by helping you maintain sufficient coverage.