The short answer to the question of whether or not you should ensure your classic car is a yes. Anything can happen, and you don’t want to be left covering the cost of a disaster alone. Your classic car is not immune to the problems faced by any other car. The three most common insurance claims are for fender benders, theft, and whiplash. To make sure you will have help when one of these happens to you, it’s advisable to insure your classic car.
What Type of Insurance DO You Get for a Classic Car?
Classic cars usually need a special type of insurance. As such, you can not insure your classic car using regular auto insurance. The reason is that the amount will not be enough to protect your classic against damage or loss.
You will need to consult your insurance agent to find out what type of classic car you have and what category it falls into. For instance, collectibles exceed their original selling price; therefore, they are candidates for specialized classic car insurance. Usually, cars that require classic cars auto insurance include the following:
- Cars more than 25 – 30 years old
- Modified cars and hotrods
- American muscle cars
- Classic trucks
- Exotic cars
- Vintage military cars
- Classic motorcycles
If you are not sure whether your car is a classic or not, you can consult with an insurance agent, and they will help you out.
Qualifying Criteria for Classic Cars Insurance
Having an old car is not enough to qualify for classic car insurance. There are several requirements that your car has to meet, and these often differ with policies from different companies. However, most companies have the following requirements:
Limited use
For a classic car to qualify, you must not use it as a daily runner. Other policies might even include mileage limits and proof that when you do travel with it, the car will be kept in a safe and secure place. As such, you might also find that insurers will need you to have another car for daily use.
Secure storage
When you are not using your classic car, insurers want proof that you will store it in a safe and secure place. This means it would be helpful if you had a private, locked structure where you keep your car at home.
There are some insurers who also need you to have a clean driving record for them to insure your classic car. Instances of reckless driving might disqualify you. You must also make sure that the car is in good condition.