When it comes to vehicles, classic cars are definitely at the top of the pyramid, and their amazing features set them apart from the rest of the crowd. Unfortunately, like anything that attracts attention, classic cars tend to attract their fair share of thieves and vandals. Also, because classic cars are rare and expensive, many of the big “major player” insurance companies and agents won’t even cover them. But just because finding the right insurance for your classic car can be a little difficult, that doesn’t mean you can simply drive without any insurance. Many states require your vehicle to be insured, and if you drive without adequate insurance coverage, you could face serious fines.
Finding the right insurance for your classic car takes a little time and a lot of research. If you’re looking for the cheapest available antique and classic car insurance, more research is involved. There are auto insurance companies out there that specialize in insuring vintage and classic cars. Additionally, there are large auto insurance companies that offer specialty coverage, including antique and classic car insurance, but you’ll have to do a lot of searching to find them. A good place to start are insurance companies like Hagerty, Leland west and Norwich Union, which all specialize in antique and classic car insurance. It’s important to weigh the many different options, as the costs associated with antique and classic car insurance can vary greatly depending on the car insurance provider you choose. It’s also important that you determine what each insurance company values your classic car to ensure you insure your car’s full value. Traditional auto insurance values a car at the cost of replacing it, minus any depreciation it has experienced. This is how antique and classic car insurance differs from traditional car insurance. For antique and classic car insurance, the value of your vehicle is usually an agreement between you and the insurance provider. That way, if your vehicle is involved in an accident, or is stolen and never recovered, you won’t lose a significant investment.
When it comes to buying auto insurance for your classic car, the absolute best option you go after is called an agreed value policy. Before purchasing this type of policy, you will need to sit down with the insurance company’s agent to come to a specific agreement on the value of your vehicle. This is the amount the insurance company will pay if your vehicle is completely damaged or lost. This is also where you will receive a monthly payment quote. Another thing that separates antique and classic car insurance from traditional car insurance is that antique and classic car insurance premiums are often much lower than what you would pay for traditional car insurance. However, not everyone can buy antique and classic car insurance, so before you apply, you should make sure you meet all of the following:
o Many antique and classic car insurance policies require you to meet a certain age limit. This is to ensure that the driver on the policy has sufficient driving experience and is not at risk of causing an accident. This makes it difficult for young and new drivers to get auto insurance, even if they are driving an antique or classic car.
o Many antique and vintage car insurance policies also have a minimum age limit on your vehicle to determine if it can be considered a vintage car. The typical limit is 15 years, so if your vehicle is less than 15 years old, it may be difficult for you to purchase vintage car insurance for it.
o In order to qualify for classic car insurance, there are certain restrictions on how your classic car can be used. For example, you must have a garage or other form of protective storage space to park your vehicle in. Also, you cannot use your classic car for any commercial purpose. Finally, there is a limit to the number of miles you can drive on your vehicle each month or year. If you exceed the mileage limit, you can, but your vehicle is at risk of losing protective insurance. You must also be able to prove that you own another vehicle for normal driving due to the stated mileage limit.
If you drive a vehicle that can be considered a collectible, antique and classic car insurance is by far the best option. This form of insurance is designed to protect cars that appreciate in value over time rather than depreciate. If you can’t find enough antique car insurance, most insurance companies will allow you to insure your classic car the traditional way, but you should expect to pay more monthly premiums and if your vehicle is totaled, you’re in The amount received in payment settlement will be significantly reduced. This means that if you are driving an antique or vintage car and there is local insurance specifically for you, you should definitely take this offer to protect your vehicle at a low price without losing the large investment you made your precious possessions.