How to Find the Best Auto Insurance Company for Classic Cars
If you have a collector’s car, it is best to buy insurance from a classic car insurance company. Classic cars are a specific type of cars that tend to be at least 15 years old and have value attached to them. Classic cars are special cars that, as long as they are kept in good condition, will increase in value as they age. They are usually already very expensive when originally purchased as new or there may be a limited number of those models made.
Each state has its own regulations that must be met to be considered a classic car. The vast majority of these guidelines and regulations are similar, but there are some unique ones found in different states. Additionally, collectible car clubs may have even more regulations to adhere to, as the clubs may be looking for specific types of classic cars.
Insurance is important because collectible cars can be treated as an investment that will gain value over time. The most valuable classic cars are the ones that have the original paint, are not rusty, and are in excellent condition with very little mileage. Typically, insurance rates are determined based on the mileage of the car and its condition.
Insurance quotes can be obtained by completing the information online through a classic car insurance company’s site. Almost all car insurance companies will offer car insurance for classic cars, as well as some specialty insurers. You have many different options that can be included in your classic car insurance package including emergency towing, personal effects reimbursement, car show expenses, lockout, lost keys, and roadside assistance to name just a few.
Theft is a big problem with collector vehicles and you should have a strong theft policy in place, as having your collector car stolen can be a huge loss of assets. For well insured cars many times the insurance company will offer a reward for the recovery of the car. Many times it is less expensive for the insurance company to pay a reward for the recovery of the car instead of paying the actual value of the stolen classic car.
Insurance rates for collectible autos can be separated based on mileage. Many vintage cars will have fairly low mileage, as the collectible car is usually not the main form of transportation for people, rather it is brought out for special occasions. There is a greater danger of damaging the collector car if it is driven frequently and this will depreciate the value of the car.
It is also possible to take out specific car insurance for classic cars just to cover the cost of repairs and other associated costs. This is often based on the current value of the car and the availability of parts and a qualified mechanic who can repair your collector car. As with other auto insurance, your driving history will also count toward the insurance.
After you’ve received a basic quote from your classic car insurance company(s), you’ll need to get a more detailed one that’s customized for your classic car. You should be able to customize the insurance package the way you want, and if you need help, you should be able to get it from the insurance company or from a third-party company, such as state auto insurance.
