What a joy it is to own a classic car! You restore it with love and display it with pride. It goes without saying you want to protect it right. So you head out to buy yourself classic car insurance… but wait! Not so fast. Read this before you do. You’ll be glad you did.
Insuring your classic is NOT the same as insurance a standard car. When it comes to classic auto insurance, carriers provide coverages on the stated value and the agreed value.
Stated value- The insurer can opt to pay less than what a car has been insured for if they feel the insured value isn’t accurate.
Agreed value- The amount the vehicle is insured for is what is paid for in the event of a total loss. Insuring your car on the agreed value is the best way to insure a classic or antique car.
Get that storage space!
Your classic car is precious. You’re obviously going to want to keep it safe when it’s out on the road AND off the road. This is why it’s a smart idea to make sure you find a locked storage space to keep your car; one where it’s out of direct sunlight, where it can’t be damaged by rain, storm, hail or any other such nature’s elements. Furthermore, insurance providers offer discounts on classic car insurance premiums to those who parking their cars in locked garages and install anti-theft equipments.
Look out for mile restrictions
Usually insurance companies limit classic car owners to drive their car to 2,500 miles per year. Some companies might be flexible about their mile limits and might not strictly implement a limit on the mileage that may be driven. Check with various companies to find out about their mile restrictions or any other usage limitations (might not be used for transportation of goods, passengers etc) beforehand.
It cannot be your daily driver
Before insuring your classic car, insurance carriers will need proof that you are not going to drive the car on a daily basis. They will need to know that you have another car that for daily transportation and will prefer it if the classic car is used only for pleasure driving.
Minimum age requirements
Generally, every classic car insurance company has a specific age requirement of the driver listed on the policy. Most companies require drivers to be at least 25 years old, while a few others might require them to be at least 30 years old.
Insuring your classic car is a big deal. Whether you take it out for the occasional drive or keep it sheltered from the world outside as a prized collectible, you’re going to want to do it justice. And when you hold something so dear to your heart, it’s a good idea to make a well-informed, thoroughly researched decision. Keep the above points in mind and you will be able to understand classic and antique car insurance just a little bit better.