Classic Car InsuranceIf you own a classic car or an antique car, you have an expensive hobby. Taking care of that car, or cars if you have a collection, takes time and money. To protect your hobby and your investment, having insurance is essential. A typical insurance policy, like one you would get for your newer car that you use regularly is not a great option for a special car. You really need to get classic car insurance to ensure that you get the best protection.
One reason to consider classic car insurance is that your collectible cars are probably not used every day. This means that your collision premium does not need to be as high as it is with an everyday car. You classic car should also qualify for much lower liability rates for the same reason.
Another important difference between your regular car and your antique is that you can apply an agreed upon value for the latter. This means that with classic car insurance, if you experience a total loss, you will receive the full value of the car, whereas with typical auto insurance, you get only the depreciated value.
Even if your particular classic car is not extremely valuable, it is likely that some of the parts you use for it are rare, hard to find, and expensive. A classic car insurance policy can take this into account and will usually contain coverage for these parts in the event that they are damaged, lost, or stolen.
There are many benefits to getting a specialty policy for your collectible cars, but you shop for classic car insurance, be aware that different companies may have differing definitions for what makes a car classic. Some define it as a car that was manufactured more than 25 years ago, while others consider more factors like the uniqueness or the value of the car. Make sure that you check out several different insurance providers to get the best deal for your particular car.
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