If you have a car that you only use for pleasure drives on the weekend, you can save money on your insurance. There are specialist companies that will provide you the coverage you need at a great price. First, however, you need to know what are classic car insurance requirements.
What Types of Vehicles Qualify for a Classic Car Insurance Policy?
There is a common misconception that every car over a certain age will qualify for classic car insurance. This is not the case. First of all, age is not everything. Second, the criteria for classic car insurance differs from one company to the next.
Apart from the age, you will also need to make sure that you are not using your car for commuting. Regular use cars that are older will still need to be insured under a traditional policy.
Most insurance companies have a mileage limit on classic vehicle insurance. Some of them will require you to have proof of an alternative vehicle to be used every day.
If you own a collectible and your car is garaged most of the time, you might consider taking out a limited use provision policy that covers you only for car shows and exhibitions.
Are You Eligible for Classic Car Insurance?
The main eligibility criteria for getting special coverage for your classic car include:
- The car being classed as a classic by the insurance company (generally over 25 years old)
- Safe storage in a garage, especially if the car is worth a lot of money
- Low mileage per year
- A good driving record
- Access to alternative vehicle
- General good condition of the car and proof of regular maintenance
The criteria vary from one carrier to another. For example, some insurance companies will need proof of a clean driving record for at least five to10 years. Others have a minimum age limit of 25 for the main policyholder.
The vehicles that can be insured under a classic policy include:
- Antique farm vehicles
- Street rods manufactured before 1949 and modified
- Vintage cars made between 1919 and 1930
- Classic military vehicles
- Classic motorbikes
- Limited edition or collectible models
- Collector cars made before 1980
Older cars must have been restored to good condition to qualify for classic car insurance.
Each insurance company uses different categories and pricing structures, so it is a good idea to shop around for quotes.
If your car is under 25 years old but has been modified to add value or create a unique model, it can still qualify as a classic, according to InsuraMatch. Usually, cars that are classified as “exotics” under 15 years old but can see an increase in value in the next few years are not considered classic.
Which Vehicles You Cannot Insure Under a Classic Policy
There are certain reasons why insurance companies would refuse to insure your classic vehicle, such as:
- Your car is in a poor mechanical condition and is dangerous to drive.
- The car is mainly designed for off-road use.
- The vehicle has been damaged in any way.
Of course, every insurance company has special conditions, so it is worth asking whether or not your vehicle qualifies for classic car insurance.
What Classic Vehicle Insurance Covers
This policy works just like any regular car insurance. You will have a 12-month policy that has a limit on the use, mileage, and the vehicle itself. You will be able to choose from collision, comprehensive, or liability-only coverage. Read our complete guide on classic car insurance.
Just like with traditional insurance covers, you can add extra protection, such as breakdown coverage, medical payments, or uninsured driver insurance.
If you have a valuable classic vehicle, you might want to opt for comprehensive coverage that covers theft and damage, not just collision and liability.
Additional coverage insurance companies offer for classic cars includes roadside assistance, medical reimbursement during auto shows, spare parts, and traveling coverage.
Classic vs. Traditional Vehicle Insurance Policies
You can expect to pay about 30 percent less on a classic policy than a traditional one.
The main difference between traditional and classic car insurance is that the major factor for your price in the case of classic cars is the value of the vehicle. Your insurance company might do their research, but you can also submit an estimate of the value of the car before you get a quote.
If the price of your vehicle goes up or down, it is a good idea to let your insurance company know so they can adjust the coverage.
Since you use a classic car less than a commuting vehicle, the price of insuring a classic car is much lower. However, the price depends on how valuable the car is, your driving history, and your location.
Read our blog to find out more about the difference between the two types of policies.
The Different Types of Classic Car Insurance
You need to know which coverage you need before starting to look for quotes. The main types of insurance are classic car insurance (the most popular), antique car insurance, modified car insurance, and kit car or replica insurance.
How to Save Money on Your Classic Vehicle Insurance
There are certain things you can do to secure the best price on your classic car insurance. According to ValuePenguin, there are several steps you can take.
First of all, you can limit your mileage and use your classic car only for pleasure. Mileage has a great impact on the quote you get.
You should also ensure that you have a safe storage facility for your car, especially if it is a rare collectible. Installing anti-theft devices will also help you get a good deal.
Additional security features, such as airbags and aftermarket driver assistance features will reduce your price too.
When shopping for coverage, check out some specialist companies that mainly serve collectors and know the value of your vehicle as well as the coverage you need.
Finally, read the small print. There might be surprising exclusions you need to know about before you sign the classic car insurance contract. Check whether you are offered a full classic car insurance or a limited-use provision.
Getting to know the different types of classic car insurance policies companies offer will help you keep your vehicle safe and protected, so you can enjoy pleasure drives down country lanes for many years to come.
Sources:
What Kind Of Insurance Do You Need For A Classic Car?
Classic Car Insurance: What Is It? How Does It Work?
How to qualify for Hagerty insurance
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