When it comes to vehicles, classic cars are definitely at the top of the pyramid, with their amazing features that set them apart from the rest of the crowd. Unfortunately, as is usual with anything that attracts attention, classic cars tend to attract a decent share of thieves and vandals. Additionally, because classic cars are rare and tend to be expensive, many “major players” insurance companies and agents will not even offer insurance for them. But just because it can be somewhat difficult to find the right type of insurance for your classic car, that doesn’t mean you can simply drive without any insurance. Many states require your vehicle to be insured, and you may face serious fines if you are caught driving without adequate insurance coverage.
Finding the right type of insurance for your classic car will take some time and a lot of research. More research will be done if you are determined to find the cheapest insurance available on vintage and classic cars. There are auto insurance companies that specialize in insurance options for vintage and classic cars. In addition, there are large auto insurance companies that offer specialized insurance including antique and classic car insurance, but you will have to do quite a bit of research to find them. A good place to start is with insurance companies like Hagerty, Leland West and Norwich Union that all specialize in insurance on vintage and classic cars. It’s important to weigh a lot of different options, because the costs associated with insuring vintage and classic cars can vary greatly depending on which auto insurance provider you take on. It is also important that you determine what each insurance company will charge for your classic car, in order to ensure that you will get insurance for the full value of your car. Conventional auto insurance rates the car at its replacement cost, minus any depreciation it has sustained. This is what differentiates vintage and classic car insurance from traditional auto insurance. With vintage and classic car insurance, the value of your car is usually an agreement between you and the insurance company. This way, you won’t lose any serious investment in the event your car gets in an accident or gets stolen and you never get it back.
The absolute best option to pursue when it comes to car insurance for your classic car is called the agreed value policy. Before purchasing this type of policy, you have to sit down with an agent with the insurance company in order to come to a concrete agreement on the value of your car. If your car is ever assembled or lost, this is how much the insurance company will pay. This is also the point at which you will receive a quote for the monthly payment. Another thing that sets vintage and classic car insurance apart from traditional auto insurance is the fact that premiums for vintage and classic cars are usually much smaller than what you’d pay for traditional auto insurance. However, not everyone can get insurance on vintage and classic cars, so before applying you should make sure that you qualify for all of the following criteria:
o Many vintage and classic car insurance policies require that you meet a certain age limit. This is to ensure that the driver(s) listed in the document have sufficient driving experience and are not in danger of causing an accident. This makes it difficult for young and new drivers to obtain car insurance, even if they are driving an old or classic car.
o Many vintage and classic car insurance policies have also imposed a minimum age for your car, in order to determine if it can be considered an antique. The usual limit is fifteen years, so if your car is less than fifteen years old, you may struggle to get antique car insurance for it.
o In order to qualify for classic car insurance, there are certain limits to how your classic car can be used. For example, you should have a garage or some other form of protective storage to park the car. In addition, you cannot use your classic car for any commercial purposes. Finally, there is a limit to the number of miles you can put on your car each month or year. If you exceed the mileage limit, you can but your vehicle is at risk of losing your precautionary insurance. Because of the imposed mileage limit, you must also be able to show that you have another vehicle used for normal driving.
Old and classic car insurance is by far the best option if the car you’re driving can be considered collectible. This type of insurance is designed to protect cars that increase in value over time rather than depreciation. Most insurance companies will traditionally allow you to insure your classic car if you can’t find adequate insurance for your antique, but you should expect to pay more in monthly premiums, and get a much lower settlement if you pay for your car. What this means is that if you are driving an antique or classic, and specialist insurance is available to you locally, you should absolutely accept the offer in order to protect your car inexpensively without losing the serious investment that has been entered into your prized possession.