What is the best way to go about locating affordable classic automobile insurance? Do insurance policies exist for classic cars that don’t cost a fortune? Although maintaining and storing a classic car can be costly, it’s not necessary to pay more for insurance than is necessary. In this article, we’ll go over some of the information you’ll need to know before buying a coverage for your historic car.
Who among us hasn’t craned their neck while cruising down the highway to get a better look at a vintage or collector automobile? The sleek silhouette and perfect condition of the car have completely won us over. However, the meticulous care taken to keep a classic car running and looking like new isn’t just for show; it’s essential to the vehicle’s continued value. Because of this and other factors, classic automobile owners now have access to insurance packages tailored specifically to their interests.
The significantly lower cost of classic automobile insurance compared to regular auto insurance is another (very important) reason to insure your vehicle as a classic or collector. Insurance for an antique car often costs half as much as insurance for a modern car, but standard insurance might be double that. Is there a specific reason why classic automobile insurance is so much more expensive than regular auto insurance? Collector cars are typically only used for special occasions (the garage is where they are usually found). Because of this, collector vehicles are safer than frequently driven automobiles in the event of an accident or theft.
IS YOUR CAR ELIGIBLE?
This article provides a taxonomy of sorts for collector automobiles.
- Old automobiles, at least 25 years in age
- Tuned automobiles, 1949-present
- Vehicles that are twenty to twenty-four years old are considered classics.
- Antique automobiles between the ages of 15 and 19
- Rare automobiles, including fewer than 15 Street Rods built before 1949
Although the following vehicles are generally not accepted for coverage under classic automobile auto insurance policies, acceptance is left to the insurer’s discretion. Insurers of historic cars will often tailor a policy according to the needs of a given vehicle.
IN WHAT WAYS ARE THE LIMITATIONS OF COLLECTOR AUTOMOBILE INSURANCE SPECIFIED?
Collector car insurance policies typically impose driving restrictions on the insured vehicle to keep premiums down.
Unsuitable for regular use. There goes the idea of using it to get to and from work, run errands, or get a bite to eat. You should only use your historic automobile for ceremonial purposes, such as getting to and from car exhibits and the occasional parade, in order to keep your premiums low.
Not to exceed 2500 annual miles driven. While 2,500 is the industry standard for antique car insurance, other providers have mileage plans that go up to 5,000 or 6,000 miles annually. The original mileage cap was raised so that vehicle enthusiasts could travel further to attend events. Expect higher premiums as a natural consequence.
The garage door must be locked at all times. A carport is not acceptable even if you live in a gated neighbourhood with a security guard, but an enclosed trailer that can be locked would work. (The elements are also dangerous to vintage automobiles.) Not all parking lots allow vehicles to be left unattended, and some policies strictly enforce this. Because of this, you should be aware that leaving your automobile in a hotel or motel parking lot could cause issues.
WHAT FACTORS SHOULD BE CONSIDERED WHEN OPTING FOR TRADITIONAL AUTO INSURANCE?
What kinds of coverage, if any, do you provide, and do they include either agreed value or stated value?
By using agreed value, a classic car’s owner and insurance agent can agree on a value for the vehicle that need not be in line with the car’s current market worth. In most cases, an in-depth exterior and interior inspection of the vehicle, along with accompanying photographs, will be required by the insurance agent.
If there are any limitations on time or distance, what are they?
Look around for a policy that works for how you want to use the car. If you know you won’t come close to utilizing 2,000 miles each year, there’s no use in shelling out for a more expensive plan that covers 5,000 miles.
You get to pick the mechanic, right?
Even if the repair estimate from the Mom-and-Pop business down the street is the lowest in town, would you trust them with your classic car?
Who or what is the insurance firm that backs up this policy, and what is their financial strength rating?
You should verify the underwriter’s reputation and financial stability to ensure they can meet their commitments in the event of an unexpectedly high volume of insurance claims.
May you tell me if there are any coupon codes or deals I could use?
It’s always a good idea to ask whether there are any reductions you qualify for, but a reputable insurance provider should tell you about them anyhow.
I was wondering if your company provides coverage for custom or vintage vehicles.
While having your car serviced or customized, certain businesses will keep tabs on its progress and update the estimate of its value accordingly. Additionally, this insurance protects your vehicle in the event of a disaster like a fire, the failure of a hydraulic lift, or the accidental dropping of a tool cart on it (with a little imagination the possibilities are endless.)
I was wondering why I couldn’t simply add my collector car to our current auto insurance policy.
Sure, you can, but it might not be a good idea. In the event of damage to your vehicle, your insurance company may require you to accept the lowest repair estimate provided to them, or they may choose to have the vehicle declared a total loss. It’s possible that the savings from insuring the automobile under a classic auto insurance policy would outweigh the savings from bundling insurance for many vehicles under a single policy.
Last but not least, check that your insurance firm has a solid grasp of classic vehicles. If your car is ever declared a total loss, you need to be able to communicate with an expert and get paid the full market price.