Classic Cars Deserve Classic Auto Insurance
Classic, antique, and vintage cars are often worth a lot of money. And they become even more valuable when restored to their former glory. It’s an investment that you should protect with classic auto insurance. Accidents can happen, and you want your investment to be protected in the event of a mishap.
Classic auto insurance is often less expensive than traditional car insurance. So there’s likely a policy that will fit your needs and budget. Since classic cars are generally not driven as often as daily vehicles, insurers usually charge less for coverage. But you can still get coverage for protection against damage, collisions, and other mishaps.
Difference in Value
A classic car policy doesn’t value a classic car the same as a traditional car insurance policy values a modern car. For classic car insurance, a professional appraiser must provide the value of the car. You can’t use a Blue Book value to determine the value of the car. Once the appraiser gives an official value, you and your insurer will determine how best to insure the vehicle.
Classic auto insurance options include collision, liability, comprehensive, medical payments and uninsured/underinsured motorist coverage. And you’ll also have to pay a premium and deductible, just like with regular auto insurance.
Coverage that Meets Your Needs
The exact type of coverage you need depends on your vehicle. Your options include:
1. Classic car insurance for restored and working vehicles between 19 to 24 years old.
2. Antique car coverage for restored cars older than 25 years old. The car must also be in working condition.
3. Modified car coverage is for heavily modified vehicles. The engine, chassis, body, or interior must not match the original condition.
4. Replica car coverage is for vehicles that are replicas of old cars.
The cost of your coverage will depend on several things. Your driving record, age of the car, condition of the car, and how often you drive it will all be taken into consideration.
Is Your Car Eligible for Coverage?
You may not know if your car qualifies for classic car insurance. If you provide your insurer with the car’s information, you can determine if your car is in fact a classic.
Your car must meet the requirements set forth by the insurance policy. In some cases, you can’t drive the car for more than a few miles per year. Some insurers also prohibit using the classic car as a primary vehicle.