Information on Insurance for Your Classic Car
April 21st, 2010
When you own a classic car, you cannot just call up your local insurance company and get the same type of insurance that you have for the car that you drive every day. Because of the nature of your classic car, special insurance is usually required in order to guarantee that your investment is protected.
First, make sure the insurance you are considering for your classic car applies to your car. Your car should be considered antique, vintage, or a collector item. It should be between 15 and 25 years old, in good or better condition, should not be used as a primary vehicle, should be stored in a private garage or area, and used only for fun or appearance, in other words this is not the car that you drive to work.
Next, this insurance will have specific information in the policy that your other car insurance will not have. For instance, there will be usage guidelines and restrictions. Depending on the policy, the car will only be covered if it is driven by drivers over the age of 21 or is only allowed to be driven a maximum number of miles each year.
The insurance will only go into effect if this vehicle is a secondary car; if it is driven everyday it will not be covered. Also, it will only cover the car for the agreed upon value or the actual cash value of the classic car. There may also be other restrictions on where the car can be driven. For instance, it may only be permitted to be driven back and forth from car shows or other special events.
Make sure you are comfortable with all the terms on the insurance that you end up purchasing for your classic car. There is no sense in signing a policy that doesn’t have your best interests at heart.
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