Insuring a Classic Car – Is it Any Different?
Do you have a special vehicle you keep tucked away under a cover for most of the year? Is that vehicle a few decades old? Do you only bring it out for special events and showings? If said yes to all three of those, then you likely have a classic car on your hands.
And if you have a classic car, you’ll want to make sure it’s properly insured.
Traditional car insurance is designed to provide protection for standard situations and daily use. The cost of your premium is based around the market value of your vehicle. Vehicles typically depreciate in value quickly, and so, older vehicles are generally cheaper to insure because they’re worth less money.
Classic cars are unique, however. They tend to naturally increase in value over time. On top of that, owners typically invest more money into them, keeping them in premium condition. This results in a car that can be worth quite a bit more than it ever was when it entered the market.
To keep this vehicle protected, a traditional car insurance policy won’t do. You’ll need classic car insurance instead.
What is Classic Car Insurance?
As you might deduce from the name, classic car insurance is a policy designed to insure a classic car. Because of its unique nature, it comes with a number of requirements and restrictions. First and foremost, the car needs to meet the criteria of being a classic vehicle. Just because you think your 1999 Pontiac Bonneville is a “classic” doesn’t mean it actually is.
The specifics of what qualifies as a classic car can vary depending on the provider and the state you live in. Generally, the car needs to be 20-25 years old. It also cannot be your main vehicle. In fact, classic car policies limit the number of miles you can drive in a particular year (ranging from 2500 to 5000 miles).
Because it can be difficult to determine the true value of a classic car, it will need to be appraised. Once that has been done, you and your provider will need to agree on the final value that’s protected under the policy. Despite the higher value of classic cars, classic car coverage is typically much cheaper than traditional car insurance policies.
Making Sure Your Classic Vehicle is Properly Covered
Navigating classic car coverage can be tricky. Certain cars may qualify as antiques or collectors, which can come with unique needs. Ultimately, the best way to ensure you get the coverage you need for the best price possible is to work with an experienced insurance agent.
At Link-Hellmuth, we’re well-versed in the car insurance market, making things simple for you. We work with all leading insurance providers, shopping your needs around to get you the best price possible. Whether you need car insurance for a primary vehicle or a classic one, we have you covered. For car insurance in Springfield, Ohio, contact us today!