If you're a classic car owner, you're probably quite proud of your vehicle. You've gone through lot's of trouble finding, buying, repairing, and restoring your classic car to get it into tip top shape. If you have all this time and money invested into your vehicle, you're probably thinking about how you can insure and protect it.
However, you can't just call up your regular insurance company and get proper insurance for your classic car. Since classic cars are valued differently than newer ones, insuring them is quite different. Classic cars are one of a kind investments, which takes special expertise to value and insure. Fortunately for you, classic car insurance is offered by several niche insurance companies. You can find these companies on the internet rather quickly.
As you browse these sites and compare terms and quotes, you'll notice a couple restrictions that come into place before you can get classic car insurance. First of all, you must have a solid driving record. If you've got a long history of accidents, you probably won't be allowed to get a policy. Many policies require ten years of driving experience.
Another common requirement is that you have prove that you have another form of transportation for everyday use. Since classic cars have a poorer safety record than modern ones, it's not expected that you'll be driving it all the time. In fact, many policies will limit you to under 5000 miles of driving per year. This isn't that limiting, unless you're trying to use your classic car as a real means of transportation.
You also need to make sure that your car qualifies as a classic car. Every company has different policies for defining what qualifies as a classic car, so be sure to check with your company to makes sure that your car qualifies.
You should also understand what kind of policy you're getting. Since many classic cars are one of kind, they can be hard to price. You can get several types of policies: actual cash value, stated value and agreed value. Actual cash value works like regular car insurance, which just pays you for the cost of the car. Stated value will pay you up to a certain stated value for the car, but there are no guarantees of this value. Agreed value policies pay you a pre-agreed upon amount in the event of an incident, typically with no deductible. As you might imagine, these policies get progressively more expensive.
This should give you a basic idea of what you're up against in terms of getting insurance for your classic car. Be sure to get several quotes so that you can get the best deal to protect your special investment. You will have much greater piece of mind knowing that your prized vehicle is properly insured.
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