No matter what kind of car you own, having a car insurance policy for it is absolutely necessary if you are to protect yourself from any unexpected expenses that might come with accidents caused by or caused on your vehicle. It even becomes more important to have a special kind of protection when you own a classic car since the repairs that you might have to deal with when your car figures in an accident would most likely be expensive. You have to make sure that your protection adequately covers your vehicle. There is nothing that you would regret more than having to shell out all that money for repairs just because you neglected cover your car with a classic car insurance policy.
There are varying definitions of what constitute a classic car. Different insurance companies would have their own guidelines and categories for these cars. The age and the number of cars of the same kind ever manufactured and still on the road are often the considerations in classifying cars as classic or vintage. Not a whole lot of insurance companies offer classic car insurance. If you are to get one for you classic car, you have to search for these insurance companies and do your research as to the differences between a classic car insurance and your regular car insurance policy. Ask around to see which insurance companies give the best coverage at the most affordable costs.
Here are some tips that could help you in your search for a good insurance coverage for your classic car:
1. Find out which category your classic falls under. Classic and vintage cars made no later than the early seventies going back to the period right about the end of World War II fall under anyone of the four categories in as far as car insurance is concerned. Your classic car could be Veteran, Edwardian, Vintage, or Classic in classification. A fifth category is added for collectible rare cars that are about five to ten years old. These are classified as Cherished cars. Car insurance companies offering insurance coverages for classic cars could cover any one or several of these types of cars.
2. Determine what value to put in your car insurance coverage. Unlike ordinary car insurance, you can actually name the value of your car to put down as your insurance coverage. The Agreed Value for which the classic car is insured will be the maximum amount that the insurance company will give you in case of a claim. It is important to have your classic car’s appraisal up-to-date so you know how much it is worth at market value. The Agreed Value may be changed depending on the car’s condition upon renewal of your car insurance policy.
3. Know if there are limitations as to your classic usage and storage under your insurance policy. Insurance policies for classic cars often have restrictions on them. These limitations could consist of mileage restrictions and a garage lock-up. Limiting your mileage could work to your favor too. If you initiate an agreement to drive to a lower mileage limit, you could cut your premiums back by about 5%. If you plan to participate in car shows and other car events, you have to make sure that your insurer knows about this as this could affect your coverage. Make sure also that both you and your insurer agree as to the storage conditions of your classic car.