What to Think About When Insuring Your Classic Car

The term “classic car” can mean a lot of different things. Automobiles manufactured prior to 1904 are considered “veteran cars,” while the Edwardian period ranges from 1905 until 1918, and the Vintage age is then until 1930. In general, cars are usually given the designation “classic” if they were built at least prior to 1974, but cars made even fairly recently can be thought of as “classics” when they are very rare or collectible.

For the purposes of insurance and traffic laws, some US states have special laws as to what can be considered a “classic car.” In the United States, particular vehicles from the “muscle car” days are considered classics with a special prestige, while other well-known worldwide classics include the original Mini and the original Beetle.

In virtually all cases classic cars don’t have any sort of modern automotive safety features, and are therefore easily damaged and most likely expensive to insure. They do not have things like seatbelts, crumple zones, airbags, or rollover protection, mostly because these features were mostly introduced in the time after the classic period. Despite the fact that it’s generally considered to be expensive, classic auto insurance is a necessity, even for owners who don’t plan on using them on normal roads, as, for one thing, maintenance and repairs can be very expensive, so any help from insurance can make the difference between owning a classic car, and not owning one and get several classic car insurance quotes

When considering classic car insurance, it’s important to consider several factors. Chief among these is the car’s valuation. Some policies are offered based around the actual cash value of the car, in which case a book value with depreciation is paid out by the insurer in the event of a claim; then there is the “stated value” policy, which can still depreciate, but is dependent upon the owner’s stated value for the car; and agreed value, which might not necessarily depreciate, and is dependent upon an accord between owner and provider.

Other things to look into include: whether or not the policy liability will cover public events; coverage extending to events and shows; whether or not the policy covers damages throughout restoration; and moveable premiums based on mileage, which naturally varies significantly for a classic car on a year-to-year basis.

Many classic car owners believe that insurance from a specialist in classic car insurance will be especially expensive, but this isn’t always the case. Insurance companies that specialize in classic cars will be sure to comprehend the issues that are important to classic car owners, and thus, overall, the classic car owner could actually significantly reduce their insurance costs, and get a much more comprehensive policy, from a specialist in classic car insurance.

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