How to Find the Best Classic Car Auto Insurance

How does one find the best auto insurance for a classic car? Is it even possible to find cheap antique car insurance? Classics cars can be well worth the sometimes high cost of upkeep and storage - there is no need to pay more for insurance coverage than necessary. Read on to learn some things you should know before purchasing a classic car auto insurance policy. To read the Sainsburys Car Insurance Review, click here

Who hasn't turned their head while driving down the road to get a better look at a classic or collectible car? Naturally, we're enamored with the 'vehicle lines and their pristine condition. However, meticulous attention to maintaining a classic car's flawless appearance and operation is required to attract admiring glances and keep the car's market value. For this reason, along with others, specialized classic auto insurance policies were developed to meet the needs of traditional and collectible car owners.

Another reason (aa fundamental reason)  for insuring your vehicle as a classic or collectible is the significantly reduced cost of classic car insurance relative to standard auto insurance. Traditional auto insurance can cost 200%-300% more than standard auto insurance.

So, what is the main reason for such a significant price difference between classic auto and standard car insurance? Generally, collector vehicles are driven on a limited basis (the garage is where they are usually found). As a result, the risk of accident and loss in collector vehicles is significantly lower than the risk in regularly driven cars.

DOES YOUR VEHICLE QUALIFY?

The following is a list of classifications for collectible cars.

25-year-old or older antique automobiles
Custom cars - 1949 to present
Classic cars - 20-24 years old
Vehicles that are 15 to 19 years old that are collectible
Exotic automobiles - less than 15 Street rods - pre-1949

This is the standard list of vehicles considered eligible for classic auto insurance, but certain vehicles may be accepted at the insurer's discretion. Classic car insurers sometimes customize an insurance policy for a particular vehicle.

WHAT ARE THE REQUIREMENTS FOR COLLECTOR VEHICLE INSURANCE?

Certain usage restrictions are imposed on the insured vehicle to keep collector auto insurance rates low.

CIt cannot be used daily. This rules out using it to drive to work, run errands, or go out for that bite to eat. Under a classic car insurance policy, car usage should be limited to driving to and from car shows and the occasional parade.

It cannot be driven more than 2,500 miles per year. 2,500 is a fairly standard number among insurance companies that offer classic coverage, but some insurance companies have mileage plans that allow up to 5,000 or 6,000 miles per year. This increased mileage limit was implemented to accommodate those drivers who like to take their cars to distant car shows. So, of course, the premiums are more significant.

It must be kept in a locked garage. A closed, enclosed trailer will also suffice, but even if you live in a gated community with a security guard, a carport will not suffice. (The weather is also an enemy of the classic car). In addition, some policies might stipulate that a vehicle cannot be left unattended in a parking lot. This means going your car in a motel or hotel parking lot might be problematic.

WHAT SHOULD BE KEPT IN MIND WHEN SELECTING CLASSIC AUTO INSURANCE?

For example, does the company offer Agreed Value Coverage or Stated Value Coverage?

The classic car owner and the insurance agent can agree on a value for the vehicle that does not necessarily reflect the market value for that vehicle. Usually, the insurance agent will have to thoroughly inspect the car both inside and out and require photos of the vehicle.

What are the usage and mileage restrictions?

Choose the policy that best fits your driving plans. For example, why pay for a program covering 5,000 miles when you know you'll never use the 2,000 miles in a cheaper policy?

Do you have the option of selecting your repair shop?

The Mom and Pop shop down the street may do an excellent job on your regular car and offer the best repair price, but do you want them working on your classic "baby"?

What company underwrites the policy, and what is the company's rating?

You want to ensure that the underwriter has a good track record and can fulfill all of their obligations even if there is a massive influx of insurance claims.

Are there any discount programs available?

A good insurance company should always inform you of any available discounts, but it doesn't hurt to ask.

Is there coverage for under-construction classic or modified cars under your insurance?

Some companies will track the progress of your vehicle while it is in the garage for repairs and modifications, allowing you to adjust the car's value as the project progresses. Furthermore, this type of insurance covers damages to your vehicle in a catastrophic event, such as a fire, the hydraulic lift failing, or the tool cart collapsing on your car. (with a bit of imagination, the possibilities are endless.)

WHY CAN'T I ADD MY COLLECTOR CAR TO THE FAMILY AUTO INSURANCE POLICY?

You can, but it may be a costly error. For example, if repairs are needed, you may be forced to accept the lowest repair bid, or if the car is badly damaged, the insurance company could opt to have it totaled. And, while combining vehicles under one policy usually results in a discount, that discount may not provide the savings available if the vehicle was insured under a classic auto insurance policy.

Finally, make sure your insurance company has a good understanding of classic cars. If your car is totaled, you want to be able to work with a knowledgeable representative and receive the total value of your car.