What Do I Need to Know About Insuring a Classic Car?
Most people are familiar with the basics of insuring their regular vehicles, yet when it comes to classic cars, few know the options available. Some hobbyists and collectors simply tack their classic on to their regular policy, while others keep it holed up in a garage, uninsured and undrivable. Both of these options are a mistake, and some simple tips can help you get comprehensive and affordable insurance for your classic car.
First of all, seek out a policy from an insurance carrier that deals specifically with classic cars. There are a few reasons you should, the biggest of which is that such a policy will likely offer you a cheaper monthly premium, since your classic car isn't expected to receive as much wear and tear as your primary vehicle. Also, a classic car policy will be more flexible in letting you set the actual agreed value for the vehicle, which also recognizes a standard degree of appreciation over time. Most new vehicles depreciate quickly, unlike your collectible. Classic car policies will often have coverage for damages made during your tinkering or improvements, as well. The final reason you'll want to look for a classic car insurance policy is that the company will also most likely allow you to select the authorized repairman, since classic cars require specialized care.
When applying to a specialized insurance carrier, you will also want to keep in mind the requirements for such a policy. Many companies will ask that you store your classic vehicle in a locked garage with a certain level of security. They may also ask for proof that the car will not serve as your primary vehicle. Most require an exceptionally good driving record, and the vast majority will not insure classic cars for drivers under the age of 25. Do your homework on the policies offered by a number of companies, and choose the one that fits your needs best.
Once you've got a policy for your classic car, there are a number of ways to lower your monthly premiums. The best way is to prove that you won't be driving the vehicle very often, in which case the company will consider it a lower risk for accident. Keeping the vehicle in high working order will also dramatically lower your rate, since it is less prone to irregular performance.