The concept of car insurance is pretty simple; if you happen to be involved in an auto crash with your vehicle, your insurance company helps reduce the financial burden the incident exerts on you. Since time immemorial, insurance companies have been helping reduce the financial burden on their customers worldwide when ugly incidents occur. For precautionary motives, insuring your car is essential.
What Is Classic Car Insurance?
Classic car insurance is just auto insurance but this time, for a more valuable and distinct vehicle.
Why Classic Cars Need Special Auto Insurance
While insuring your car is important, knowing the type of car to be insured plays a major role in determining the insurance scheme. For example, a Ford F-150 will require fewer expenses when compared to the iconic Ford Mustang or the Chevrolet Corvette. This is because cars like the latter are unique in their build and value and, as such, require insurance that portrays their distinctiveness and worth.
If you own a classic car, you don’t want to go for the traditional auto insurance policy.
Requirements for Classic Car Insurance Coverage
Classic cars aren’t just any cars; they are special and do not just appear out of the blue on the streets of California (maybe Beverly Hills, of course).
There are various vehicles identified widely as classic cars. However, it is important to know that identifying a vehicle as a classic car depends heavily on the insurance company. These vehicles include classic cars, antiques, exotics, military vehicles, race cars, modified vehicles, muscle cars, trucks, customs, kit cars, and motorcycles. Everyday vehicles aren’t covered by classic car insurance.
When we hear of classic cars, we often think of cars dating as far back as the 60s down to the 90s. While this can be vaguely true, classic cars aren’t just described by their age, and age doesn’t matter all the time for a vehicle to be eligible for classic car insurance.
Each insurance company has its requirements for classifying a car as classic
Insuring A Classic Car
In the United States, there are various insurers to choose from when opting for car insurance. However, not all of them are excellent for classic car insurance. Some well-known insurers include State Farm, Geico, Safeco, Farmers, Grundy, Condon Skelly, Progressive, and J.C. Taylor.
While classic cars are known to be exotic and rare, they are also less used when compared to regular cars. If you have a classic car right in your garage, you probably don’t take a ride in it for very long hours every day. For this reason, classic cars are more likely to be sheltered and kept in good condition, which makes the coverage for these cars less expensive when compared to regular cars.
It may not sound believable, but classic cars also get insurance discounts. To qualify for a discount, you may be required to meet some criteria, which include:
· Insuring more than one classic vehicle
· Completing a defensive driving class or lesson
· Equipping your vehicle with an anti-theft device.
· Having a clean record means not being involved in accidents or ugly car incidences within a specified number of years.
· Having numerous policies with one carrier
As bad as car crashes can be, you do not want them involving your classic car. It would help if you went for an insurance policy covering everything related to your car, from spare parts and automotive tools coverage to cherished salvage coverage, disabled vehicle coverage, down to vehicle under construction coverage, and automobilia coverage.
Since classic cars do not depreciate like your regular cars, you can always file a claim with your insurance company when your car is totaled.
We highly recommend the Hagerty Drivers Club to get optimal results and satisfaction in your classic car insurance journey.