How to Find Best Car Insurance for Your Classic Car


If you are a classic car nut, you know how special they are.  It’s not like it’s a car you driver every day.  It’s just something you have always wanted to own.  It talks to your soul.  You might even purchase them to ‘flip’ and resell.  No matter why you take the leap and buy a classic car it deserves to be taken care of so that you can drive it for yours to come.

Keep it Under Cover

These beauties are something to be proud off and you probably want to show it off; but, don’t leave it out for the elements to hit it from all sides.  The bright sun will eventually kill the paint, and that expensive interior will fade. Whenever you’re not on the road, keep t covered.  Better yet, keep it under a garage.

Classic cars need insurance

Classic cars aren’t driven all that often; but, you still to have insurance. Even an old classic can have an accident.  Collector car insurance includes most of the same coverage as your modern car. Usually there is coverage for property damage to repair or replace it and any other property. That is what collision coverage and comprehensive coverage do.

There’s liability coverage in case you’re involved in an at-fault accident and medical and personal injury protection for the medical expenses of you and your passengers. It would be best to talk with your agent about what you need.  They are the experts, but you have to be a willing and educated participant in the conversation.

Classic Cars are Different

There really isn’t a template that can answer the questions about car insurance for collectable cars.  There are just some many options when it comes to collectables.  Different states have different rules and regulations to decide what counts as a classic car.  Many times, there are words and terms that can be used interchangeably, but is there really any difference in the 3 types?

What age makes a ‘classic’?

For insurance and registration purposes, the age of a classic car, in most cases, is at least 20 years old but not more than 40 years old. If you are going to register it (and insure it) as a classic, it should have been kept to its original design and specifications. You can paint it for instance, but the car must remain pretty true to what it looked like when it was new.

Counting the cost

It may cheaper to insure and old car when you compare it to your everyday ride, although American insurance process works pretty much the same as a policy for your everyday car with a few exceptions.

Your policy will be up for review after 12 months; but will still include all the other types of insurance that is on your regular car. Liability insurance is law in most states and will also cover your collectable.  While most states demand you have insurance on a collectable even if you don’t drive it, some states may have a provision so that you can stop coverage in this instance.  Keep in mind, however, that you must turn in the license.

Why classic car rates can be lower

Many, if not most states who have a classic car category, have severe rules and regulations.  There are only certain places they can be driven and only at certain times.  This pertains to car shows, for instance, or organizations associated with classics. In other words, the old car cannot be your principle means of transportation to and from work or running daily errands.

The driver as well will be taken into consideration as well as his driving record.  If your driving record isn’t so great, your insurance premiums may not be so great either.

The reason for the severity of the rules is basically the more time spent off the road in a secure site, the lower the risk of accidents or other damages.  That way the rates are also decreased.

Cars can become more valuable with age

Just because you have a classic don’t expect to pay less in insurance premiums.  A show car may increase in value because of its rarity or condition, and if that happens the insurance rates may go up as well. Sometimes the ownership of a rare old car can be a double-edged sword, for the car can go up in value to the point they are more valuable than new ones.

There are other things that affect premiums.  If you live in an area of a high rate of accidents, if you get a ticket for speeding, or change the usage, the cost will change.  Consulting with your insurance agent is the best way to review your options and make the choice that is right for you.

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