How can one find the best auto insurance for a classic car? Is it even possible to find cheap antique car insurance? Classics cars can be well worth the sometimes pricey cost of upkeep and storage – there is no need to have to pay more for insurance coverage than necessary. Read on to learn some of the things that you should know before you purchase a classic car auto insurance policy.
Who hasn’t turned their head while driving down the road to get a better look at a classic or collectible car? We’re enamored with the lines of the car as well as its pristine condition.
However the detailed attention in keeping a vintage car’s flawless appearance and procedure is not only to attract admiring looks, additionally it is necessary to keep up the marketplace value of the engine car.
For this good reason, along with others, specific traditional automobile insurance policies were developed to meet up with the needs of collectible and traditional car owners.
Another reason ( an essential reason), for insuring your automobile as a vintage or collectible is the greatly lower cost of traditional car insurance in accordance with standard automobile insurance. Standard automobile insurance can cost just as much as 200%-300% more than traditional auto insurance.
So , what’s the largest factor that triggers such a great disparity in cost between classic automobile insurance and standard auto insurance? Generally, collector vehicles are powered on a restricted basis (the garage is where they’re usually found).
As a total result, the chance of accident and reduction to collector vehicles is considerably less than the risk involved with vehicles that are regularly driven.
DOES YOUR VEHICLE QUALIFY?
The following is a list of classifications for collectible cars.
Antique cars – 25 years or older
Custom cars – 1949 to present
Classic cars – 20-24 years old
Collectible cars – 15-19 years old
Exotic cars – less than 15
Street rods – Pre-1949
This is the standard listing for those cars that are considered eligible for classic car auto insurance , but certain cars may be accepted at the discretion of the insurer. Sometimes, classic car insurers will customize an insurance policy for a particular vehicle.
WHAT ARE THE RESTRICTIONS ASSOCIATED WITH COLLECTOR VEHICLE INSURANCE?
To keep collector auto insurance rates low, certain usage limitations are placed on the insured vehicle.
Cannot be used for everyday use. This rules out using it to drive to work, run errands, or go out for that bite to eat. Under a classic car insurance policy, car usage should be limited to driving to and from car shows and the occasional parade.
Cannot be driven more than 2, 500 miles per year. 2, 500 is a fairly standard number among insurance companies that offer classic coverage, but there are some insurance companies that have mileage plans that allow up to 5, 000 or 6, 000 miles per year.
This increased mileage limit was put in place to accommodate those drivers who like to take their cars to distant car shows. Of course the premiums are greater.
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