How To Insure Your Classic Car
If you are a classic car enthusiast and are considering purchasing one of your own
, it is important that you know that classic cars sometimes have different insurance requirements than an everyday car. In order to protect the vehicle and the investment that you have made in your hobby, you may need to obtain a different type of insurance policy.First, make sure you are working with an insurance agent that understands the particulars of classic or specialty cars. Just as everybody has their own expertise on a professional level, dealing with someone who understands the nuances of a classic car is important when it comes to making sure you have the proper insurance in place.
Next, it is necessary for you to know about certain pieces of a classic car insurance policy. For instance, ask if you will be able to choose the mechanic of choice for any repairs that need to be done or do you have to go to someone who is specified by the insurance company? Is the car going to be insured for what it is actually worth or will another insured value be assigned to it? Do you need special liability insurance if you participate in car shows? Will you need an umbrella policy that covers specific types of damage? Is insurance required during the restoration process? If not, when should an insurance policy be written? Do you plan on driving the classic car regularly? What types of mileage restrictions are in place on an insurance policy?
After you have gone over these questions with your insurance agent, you may be faced with some "qualifiers" for a classic car policy. For instance, do you have a car that you use for every day travel? Is your "classic car" really classic, meaning is it from a certain year or older? Do you plan on driving the classic car a maximum of 2,500 miles per year?
Understand that insuring a classic car is risky business and an insurance company wants to know that you aren't going to be out drag racing your classic T-bird when it isn't covered by a policy. You need to keep the terms of your classic car insurance policy in your head at all times because if you get into an accident or the car suffers damage while you are doing something you shouldn't be with your car, don't be surprised when the insurance company doesn't pay up.
Classic cars are quite an investment and be prepared to pay accordingly for a good policy that insures this vehicle. While it may only cost $80 a month to insure your Camry, know that a quality plan for your classic car is going to come with a premium. Work with your insurance agent or a classic car professional to make sure you are getting a policy that fits your needs. You never want to get caught with a classic car that needs work done or a repair made and have a policy that doesn't cover it.
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