Classic Car Insurance

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Finding Classic Car Insurance

Cars over fifteen years old, Model T's, street rods and horseless carriages are all examples of classic cars. Many collectors invest in classic cars for the fun of it, to show off a beautifully made work of art and as investments. Even if you are only a hobbyist with a classic car intended just for fun, it is important to have appropriate classic car insurance coverage. For the investor and exhibitor who travels to shows and enters contests or parades, classic car insurance is essential to protect their investment in case of accident or theft. Having classic car insurance is necessary and indisputable but there may be a question as to where to find the insurance and what coverage is appropriate for your particular vehicle.

First, there are several classic car insurance companies on the market today. But not all of them are the same. Some have very strict restrictions on what can be covered and some do not. Some classic car insurance is expensive and covers a lot and others have limited coverage and may leave you exposed to financial risk. Depending on the type of car you have and your use of the car, your needs may not be covered by every classic car insurance company. This is why it is important to first, know your needs and next find a reputable company that can meet those needs. You can find insurance companies that cover classic cars by searching online or via a local insurance broker.

You will first need to determine the value of the vehicle before you can shop around for appropriate quotes. Most classic car insurance companies will start a quote using the agreed value. Unlike today's vehicles that automatically depreciate as soon as you leave the car lot, classic cars often appreciate in value. Not only that, because of fluctuating market trends, the value of the car can change from year to year. So, it is important to understand that a current valuation of your car submitted to your insurance company is necessary.

Many classic car insurance companies have various restrictions on what is classified as classic, what types of vehicles can be covered and who can be covered under the classic car insurance policy. Typically classic car insurance is restricted by the number of miles the vehicle is driven each year. Each company will determine what that amount should be but it averages around seven thousand miles. There are classic car insurance companies that will insure with unlimited mileage but this may also greatly affect the premium and make finding classic car insurance more difficult. There are also often age restrictions as to who can be covered under classic car insurance. The median age is twenty five. Again, you can find this restriction lifted by some but it will affect premium costs.

As with any type of insurance it is advisable to shop around and get quotes. Make sure you understand what your needs are in classic car insurance and what restrictions you may be able to live with and which ones are not practical. Based on these requirements, make a short list of classic car insurance companies that will insure you with your conditions. Then you will need to get quotes form each of the companies. Make sure when requesting a quote that you give the same information to all companies. Some may even request pictures of your vehicle to gauge condition. You will be able to compare like quotes to see what the best value will be for your car.

Remember that the cheapest classic car insurance is not always the best value. Read and understand the policies and quotes you are given before making a final determination as to which classic car insurance company you will go with. You have a valuable investment in your classic car and you want to be sure it is well protected. It may take some time to research available companies and have quotes submitted for your review but it is worth the time and effort to get exactly what you need. If you are unsure, ask a representative. A classic car insurance representative should have plenty of experience with these types of vehicles and should be able to guide you toward recommendations that will be best suited to your needs and those of your vehicle.

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