Are you a proud classic car owner who is looking for an affordable insurance policy? Are you eagerly checking out car insurance quotes online? If so, you may not be aware that there are significant differences between finding coverage for regular cars and for the Hot Rod sitting in your garage. Getting a classic car insurance quote is pretty simple, but there are a few important things you need to know first, because classic cars aren’t insured the same way as regular cars.
For starters, instead of calling up a regular auto insurance company that covers everyday vehicles, you should search for the specialty companies that focus specifically on classic cars. You might expect this to be an expensive option, but in the long run; it is much more practical and could even save you some money. So it’s best to stick to the people who understand classic cars, and probably even own a few themselves. There’s nothing quite like having an agent who really knows what he’s talking about!
Many classic car insurance policies have no deductible and come with an “agreed value” coverage, as opposed to the typical “actual cash value” coverage you tend to find in regular auto insurance policies. This means that an agreement is made about the car’s value, and in the event that your vehicle is totaled, you’ll get the full agreed value refunded to you instead of the book value, which usually decreases with age. Sometimes the agreed value increases by a certain percentage over time, to reflect the increasing value of your classic car over the years.
There are also great perks included in many classic car insurance policies, such as roadside assistance coverage during renovation projects and overseas tours, and the option to choose your own favorite auto shop for maintenance and services.
But there are some limitations that you need to note. For instance, there is often a minimum age that the operator or insured driver must meet—in some cases, 25. And in general, you have to show that you have a respectable driving record.
Furthermore, most classic car insurance companies require you to own and use a separate vehicle for work, school, or other daily errands. Insurance for a classic car is generally intended to cover your participation in classic car clubs, shows, or other similar promotional events. Occasional leisure driving is allowed, of course, but it is usually governed by a certain mileage limit, which can depend on the insurance company.
So, before you get too far along looking for car insurance quotes online, make sure you understand how insurance policies are different when it comes to classic cars. And once you’ve found the best deal, enjoy your cruise!