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Congratulations! As the owner of a classic car you’ve now stepped into the wide, wonderful world of classic car ownership and a huge community of car lovers who share the same appreciation for a car that has both power and history as you do. Now you get to expand your horizons even farther into the world of classic cars by beginning your quest for classic car insurance.
When you insure your classic car you’re going to have two choices:
1) Purchasing a policy through a standard car insurance carrier. Yes, you can save yourself some time and effort and simply add your classic car onto your regular car insurance policy-you know, the same one you use to protect the commuter car that takes you to and from the job you used to help you buy and restore your classic car in the first place! Over 50% of classic cars today are covered by standard carriers.
There are some pros and cons to purchasing a policy for your classic car through a standard car insurance provider. It certainly makes it easier to keep track of your payments and policy terms if you have all of your vehicles under one roof, so to speak. It also allows you to enjoy a multi-car discount on all of your vehicles and unrestricted use of your classic car.
The down side of standard car insurance coverage comes in the form of the sixteen year old driver with a squeaky new license who needs more coverage than you do. Car insurance companies design their policies with daily drivers in mind, not collectors. As a result, you may end up paying more for coverage you neither want, nor need.
2) Purchasing collector’s car insurance. If your classic car is more than fifteen to twenty years old (depending on the make, model and what state you live in) and used solely as a pleasure vehicle you may prefer to insure it under a collector’s insurance policy. Collector’s insurance is available nationwide and is generally less expensive than a standard policy, both because most of the vehicles these companies insure are at a low risk for filing a claim and because drivers have the option to customize their coverage to meet their specific needs.
Some drivers find that collector’s insurance requires them to jump through what they perceive to be unnecessary hoops. For example, to purchase a car insurance policy through a specialized provider it is usually required that you have a valid driver’s license and a good driving record extending back at least ten years. They will also require you to have a passenger car for each licensed driver in your family to prevent your classic car from becoming a primary mode of transportation, have a garage that your car calls home a majority of the time, and restrict your use of your classic car to the occasional pleasure drive and/or classic car show. All of these steps are designed to minimize your need to file a claim before approving your insurance.
Although this information is usually just submitted on a piece of paper prior to being approved, it’s not unheard of for a car insurance carrier to audit a high value or extremely rare classic car prior to approving coverage.
The choice to insure your car with a standard carrier or a specialized provider is entirely up to you, and should be made with your particular needs in mind. What’s important is that you ensure that your new baby is insured with a car insurance policy that takes care of her as well as you do yourself.
Posts Tagged ‘Classic Insurance’
What You Need to Know About Car Insurance and Your Classic Car
Posted in Mini Moke Blogs 
Tags: Car Lovers, Classic Car Insurance, Classic Insurance, Insurance Car, Insurance ProviderThe Non-standard Classic Car Insurance
Classic car insurance is a specialized insurance instrument designated for certain cars. This special insurance is non-standard and affords the owner of a classic car optimum coverage for his investment. Nevertheless, before a policy can be written, your automobile must qualify under the providers classic car insurance requirements.
For the most part, a classic car is defined as one that is more than 15 years old. In some States, a more broad definition of a classic car is used, be sure to check your state definition to ensure your car is indeed a classic.
The insurance companies have stricter requirements on classic car insurance than they do on regular vehicle coverage. In addition to the age of the vehicle, insurance companies will require several other conditions to be met. Those conditions will be a limit on the number of miles driven in a year, keeping the car securely stored when not in use, and limitations on the age of the driver and their driving experience and record. As part of your classic car insurance, the company will also stipulate an ‘agree-upon’ value .
Most states allow the insurer and owner of a classic car to decide on an agreeable value of the car. You and the insurance company will set a value on the classic car that will become part of the policy. The amount is the total loss value of the car in specific monetary terms. Unlike a regular vehicle, where ‘the blue book’ or fair market value determines the total loss value of a vehicle.
As far as the drivers age, most insurers will mandate a driver be over 25 and to have a license for at least so many years. Of course, an insurance company will also check your driving record prior to issuing a classic car insurance policy.
In addition to the age and experience of the driver/owner, a mileage limit will be assessed on the classic car. Insurance providers vary on this limit, some allow up to 5,000 miles per year while others may permit more. If you want to reduce your monthly premium, you may be able to select a lower mileage limit with some companies. Although the insurer will not regulate you driving the car to shows, clubs or hobbyist activities, you will be limited from using the car for many other purposes, including daily commutes, and commercial purposes.
Using a reputable firm that specifically deals in classic car insurance is the best way to ensure you are getting the protection and value for your classic car. Usually these specialized companies can serve you better than a regular insurance provider.
Posted in Mini Moke Blogs Tags: Classic Insurance, Insurance Company, Mileage Limit, Monetary Terms, Standard InsuranceChoosing to Get Classic Car Insurance
Those who own classic cars know the love, care and attention that go into taking care of these cars. Whether you drive it around or not, it is still a good idea to get classic car insurance that is made special for those who own classic cars. One of the reasons to get classic car insurance is because the classic cars are quite expensive thus it is more prone to thief compared to other types of cars. Since classic cars are more expensive and are exposed to higher risk of thief, getting a regular insurance coverage may not really be enough to protect your classic car.
To make sure that your classic car is fully protected, you should always buy adequate classic car insurance for your car. The good thing about a classic car insurance is that it allows to you ensure your vehicle based on its true value rather than stated value. Yes, getting classic car insurance may be a bit costly but if you really want to safeguard your car against theft, accidents and the likes, getting classic car insurance is a must.
About Classic Car Insurance
In America today, less that half of collector cars on the road are insured with classic car insurance. These policies have been available for a long time, but many people do not know about them. Most people have a regular insurance policy with high premiums and restrictive policies. You won’t get that with classic car insurance. Standard premiums can be at much as 500 percent higher. Why pay that much for such a limited amount of coverage?
There are a few different types of coverage that you have with classic car insurance. There is actual cash value that gives you the book value of the car on a claim, the state value that lets you state the value of the vehicle for coverage, and there is the agreed value that guarantees all of your money back in the event of a total loss. This is the only policy that will not depreciate over the years.
If you are wondering what is considered a collectible vehicle, it may be hard to define. There are many different types of cars that are collected these days, so to find out if your beauty is considered a collectible, you will want to contact a classic car insurance carrier in order to see if your car qualifies for this great insurance.
Finding the Very Best Classic Car Insurance
Before you start hunting for a classic car insurance company for your car, you need to find out first how much the true value of your car is. Getting the true value can sometime be tricky. Bear in mind that an insurance company will want to know how much insurance you want on your car so you need to know the true value of your car.
The value of classic cars can vary and it can be greatly increase based on its uniqueness, its model, its present condition, its age and its history. If your car has some really great history attached to it which can be verified, you can fetch a handsome price on that car. To determine how much is the true value of your classic car, bring your car to an appraiser who works with classic cars in your locality. The classic car appraiser should be able to give you the true value of your classic car.
After determining the market value which is the true value of your classic car, you may now start hunting for a classic car insurance company. First you should call those well known classic car insurance companies. Ask these classic car insurance companies for insurance quotes depending upon the true value of your classic car. When comparing insurance quotes from all these classic car insurance companies, pay close attention to the features of the policy and the cost. Make sure that the cost of the insurance is well justified. You do not really want to pay more money than you should on your car insurance.
Posted in Mini Moke Blogs Tags: Buy Car, Classic Insurance, Insurance Policies, Restrictive Policies, True Value