Insurance Coverage for a Classic Car
A classic car in good condition is a valuable asset. And if you’re like most classic car enthusiasts, you want insurance to protect your investment. You can get your beauty insured against all kinds of perils that might reduce its value.
Classic car insurance is generally more affordable than insurance for modern cars. It’s because classic cars are hardly ever used as daily drivers. So insurers are taking less of a risk by insuring these cars. But even if a car is a classic, it still needs protection against damaging elements such as heavy winds, collisions, and other mishaps.
There are a few differences of which you should be aware. For instance, if your classic car is totaled, then you’ll receive an agreed upon price. The agreed upon price is reached by you and the insurer when you purchase the policy. And it requires an official value as made by a professional appraiser. Other than that, classic auto insurance covers the basics, such as collision, liability, and comprehensive coverage.
Also, be sure that you have the best type of policy for your car. Classic car insurance is generally for vehicles that are between 19 to 24 years old. Antique car insurance is for vehicles older than 25 years old, but in good condition.
There’s also modified car insurance for vehicles that are classic, but are no longer in their original condition. That means the body, engine, interior, or chassis are no longer the original parts.
Meeting Coverage Requirements
Your insurer will want proof that your car is a classic. You also might have to follow certain rules to maintain the insurance. For instance, some policies stipulate that you can’t drive the car more than 7,500 miles per year. Speak with your insurer to make sure you understand the specifics of the policy.