There is great pride in owning your own vintage car — it’s hard to find someone more passionate about these relics and beautiful pieces of machinery than the biggest car enthusiasts on the planet.
However, owning a vintage car comes with great responsibility. Insuring your vehicle is another large piece of the puzzle. If you’re looking to invest in that shiny red Mustang or Corvette, continue reading. Here are the most vital things you should know about insurance for antique cars.
Why Not Get Regular Car Insurance?
We know what you’re thinking. Why get insurance for antique cars when you can purchase normal insurance for your vehicle?
Well, the unique difference lies here — traditional insurance only covers your car’s cash value. This is equivalent to the cost to replace it, subtracting the depreciation. Antique car insurance, on the other hand, can cover an agreed-upon rate of the car.
The Right Insurance Agency Knows How to Take Care of Your Car
When working with the right agency that has experience with antique cars, they are likely to understand the car’s condition better. These classic cars are over 50 years old, which means they don’t work quite as effectively as the cruisers and standard cars nowadays.
So What Makes an Antique Car?
Wondering if you can invest in insurance for antique cars? It’s important to know the classification of the vehicle in question. For example, if your car is over 15 years old, it can be considered a classic or antique car. However, many classic cars are typically in the 25 to 30 age range. Another main difference? Many cars today begin to lose value as soon as you sign the paperwork and drive them off the dealer’s lot. They accumulate lots of wear and tear the more miles you put on the car.
Here’s the good news about vintage cars, however. They actually go up in value over time, making them worthy investment pieces to add to your portfolio.
Classic Cars and Limited Provision
Classic cars also have limited provision, meaning that the vehicle insured cannot be driven a certain number of miles for the insurance to apply. This may include enough millage for one to travel to auto shows. How often do you plan on driving your antique car? This is another question you should ask yourself when analyzing your own insurance needs.
Securing the Car to Get the Most of Your Insurance
Even with insurance it’s important to keep the car under safeguard from inclement weather. The reason being is that some policies may not cover rain or hail damage. Ensure you ask your insurer before selecting your policy.
Having a Clean Driving Record
The last thing to consider when getting the antique car of your dreams? Remember that your driving record is always taken into consideration when you purchase insurance to cover your classic car. Carriers will analyze your record and check for accidents to see if you qualify for coverage.
Insurers also like to cover drivers who have been legally allowed to drive for ten years or more. They also check for accidents within 3 years of applying. This amount of time can vary, depending on the state you’re in. But’s it’s a decent rough estimate across the board, so if you’re looking to score a solid policy, buckle up and drive safe!
A Final Word on Insurance for Antique Cars
As you can see, insurance for antique cars is a must. Car enthusiasts love their beautiful, vintage vehicles. Therefore, it would be a shame to bring one of these metal marvels without extra security. Insurance is always a good move, so consider classic car insurance for your timeless car!