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What To Know When Buying Car Insurance For Classic Vehicles
July 31st, 2010
When getting online car insurance quotes for a classic car there are several things you should know. The Classic Car Club of America defines classic cars as those made between 1925 and 1948. But cars as new as 15 years old may be considered a classic car by insurers, depending on where you live and the insurer. Even some newer cars that are exceptionally rare may qualify for this kind of coverage. Classic car insurance rates are lower because they are not driven every day.
When buying car insurance the insurer will normally decide upon the covered value of the vehicle,called actual value, by comparing it with similar cars. This kind of policy assumes that the vehicle will depreciate. When buying classic car insurance a stated or agreed upon value is determined by the owner and the agent and premiums are charged accordingly. Any online car insurance quotes should be checked to see what value was quoted. If you need to file a claim you will only be covered up to that stated value. It is important to review this value on a yearly basis since classic cars normally appreciate the agreed upon value may need to be adjusted upward.
One of the ways that reduced rates are available for classic cars is that the insurer assumes that the car will not be driven as the owner's regular mode of transportation. Most policies will set a limit of the number of miles to be driven each year. This is intended for those that use primarily exhibit the cars or drive them occasionally.
Some policies for classic car insurance also have requirements for the driver. The age requirement is often 25 years old. Other companies want drivers to have a certain number of years of driving experience, usually 5 to 10 years. You may also need to have a clean driving record to qualify.
When reviewing online car insurance quotes see what the storage requirements are, if any. For valuable classic cars you may need to store the car in a space that is locked with a security system. They may even require that you install a sprinkler system in case of fire.
If you already have classic car insurance on other vehicles and you buy a new car to add to your collection your policy will normally cover the new purchase for 30 days. If you are a collector this can be an important consideration when buying classic car insurance.
Knowing what to consider when you purchase classic car insurance will ensure that you get the right coverage for your treasured classic vehicles but it can also save you money.
