What to Know About Auto Insurance for Classic Cars Before You Buy
You absolutely love your classic car. You don’t mind rolling up the garage door to show it off to anyone that wants to see it. Or perhaps you have an antique car that’s far too precious to put on the street, even for a short Saturday evening drive. When it comes to these beauties, you need the right type of auto insurance whether your car is on the road or tucked under a cover in the garage. Before you buy classic car insurance, there are a few key things to keep in mind.
Do You Qualify for Antique Car Coverage?
Though policies differ from one location to the next, if your car qualifies for antique auto insurance, this type of coverage can save you a significant amount of money. Qualifications include:
To be a classic car, the vehicle needs to be 10 or more years old and be rare or have special historical interest because of fine workmanship or limited production. Or it needs to be over 25 years of age, in which case it’ll likely be covered by an antique auto insurance plan.
The vehicle must be used on a very limited basis. Often, these cars are only taken to and from club activities, exhibitions, parades or other types of events.
The vehicle must be restored, preserved or otherwise properly maintained and in good condition.
If your car qualifies for antique auto insurance, it’s a good idea to sign up for this type of policy. When you do, you’ll still have many of the flexibility options you desire, but you’ll likely pay much less than you would for standard auto insurance.
What Type of Car Insurance Do You Need?
The options for car insurance do range based on your needs. If your car’s tires never hit the street, then it may not be necessary to maintain certain coverage options. However, you should consider liability coverage, collision coverage, comprehensive coverage and other plans that may protect its value.
Because some of these cars have a much higher value, it’s best to treat them as an asset, like you would a fine piece of jewelry or collectible. Talk to your insurance agent about the proper valuation for your car, the types of policies suited for its unique use and the right complimentary additional policies to further protect it.