When you own a classic car, it’s important to keep it insured in case the unthinkable happens. There are a few noticeable differences between classic car insurance and regular car insurance though. Here’s what you need to know about how to qualify for classic car insurance and the pros and cons of finding a plan.
What Qualifies for Classic Car Insurance?
First, you should find out if your car qualifies for classic car insurance. The car can’t be used as your primary driving vehicle, and many insurance companies put a maximum amount of annual mileage on the car that you can’t exceed. Here are some other restrictions that vary depending on which carrier you choose:
- Driver must be at least 25 years old, have five to 10 years of driving experience and have a good driving record
- Driver must have no more than one accident or moving violation within the previous three years that was their fault
- Driver must keep the vehicle parked in a fully enclosed garage other structure that’s secure and keeps the car out of the elements
- Driver must own and use another vehicle as their primary vehicle
- Driver must agree not to race the classic car or use it on a race track
Classic Is Often Cheaper Than Regular Car Insurance
One of the biggest pros of classic car insurance is that it’s often cheaper than regular car insurance. On average, classic car insurance is 40 percent less than standard rates. This difference is because you’re usually not driving the car as much as you are with your primary car.
Before you choose a plan, talk to an insurance company about the restrictions they have on the number of miles you can drive the car. If you’re driving it only for a parade, show or other short distance, you may end up having no deductible.
Value and Amount of Time
One of the big differences between classic car insurance and regular car insurance is the way insurance companies determine the value of a vehicle. Your classic car is worth more as it ages. For example, a vehicle you bought in 1970 for $1,500 could be worth as much as $20,000 or more today. With classic car insurance, you’ll receive the current value of the car if it’s totaled.
One of the cons of classic car insurance is that it can change during the time that you own the car. When you insure your primary car, your insurance typically doesn’t change. Insuring a classic car is different since the value of your car can increase or decrease as time goes on. If you’re restoring a car, it gets even more confusing since you need to adjust the amount of time you insure it after you finish the project.
Getting Classic Car Insurance
Getting classic car insurance is a good idea if you want to keep your ride safe for years to come. Contact Strock Insurance today to learn more about classic car insurance.
