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UPDATED: Mar 13, 2020
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Classic car insurance is different than the more traditional personal auto policy because your classic car is different than your daily commuter vehicle. With all the different exposures each type of car is subjected to, it’s important to make sure you have sufficient insurance coverage if your car is damaged. To protect your classic car, a classic car insurance policy may be the best option.
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Do you meet the requirements for a classic car insurance policyholder?
When you are shopping around for classic car insurance, one of the first things to consider is if you can meet the criteria for a classic car insurance policyholder. This does not affect your car being defined as a classic car, but it may affect whether or not an insurance provider wants to issue you an insurance policy.
Insurance providers look at a number of factors when they quote and issue an insurance policy. These factors can include your age, gender, driving record, and insurance history, all of which give your insurance provider an idea of what type of driver you are and what type of policyholder you would be. When it comes to classic cars, insurance providers are looking for low-risk drivers to insure, since classic car claims may be more costly than other vehicle types.
One thing to consider is your driving record and anything that may be on it. Many insurance providers look at your driving record more closely than some other factors, so if there’s a serious offense listed you may receive a higher premium amount or you may not qualify for coverage at all.
Does your car meet the requirements for a classic car insurance policy?
Different insurance providers may have different criteria that your vehicle will need to meet before it can be defined as a classic car. These criteria may change based on the car and the type or amount of coverage being purchased. Although classic car insurance policies have some similarities to a standard car insurance policy, they tend to protect against some more unique exposures that daily use vehicles may not encounter.
Classic car insurance may come with special conditions that must be met for coverage to remain intact, such as usage restrictions.
Classic cars may not be used as a daily commuter vehicle under many policies, which means that your classic car may not be used to run errands, travel to or from the office, or for any commercial uses.
Additionally, some insurance providers may place a limit on how many miles your car may accumulate in a year.
Your classic car policy may also come with some exceptions to the limitations or conditions that may limit your car’s use. For example, if you are going to a classic car show or convention, your insurance policy may extend to protect your car when traveling to or from the meeting, as well as when your vehicle is at the show. It’s always important to confirm how your coverage protects your car before you leave for any show or convention.
Some insurance policies also require that your classic car is stored according to a set of requirements listed in the policy. This may mean that you need to have a locked or otherwise secured area to store your classic car; your locked, residential garage may also suffice. If their storage and security requirements are not met, and your provider discovers this, then your coverage may end up being canceled or voided.
Do you need to get your car appraised for your insurance provider?
For your vehicle to be defined as a classic car, you may need to show that your car has a high enough value. The value of most cars starts to depreciate when they are purchased and driven off the lot. With a classic car, however, the value may actually appreciate and become a higher amount that what the original selling price was. Many insurance providers will need to see that a car is gaining value to declare it a classic car.
Having your vehicle appraised by an independent, third-party company is a great way to showcase your car’s value to your provider. This usually means that an appraisal company will prepare a report about your vehicle, one that documents that condition of the car and its current value, which you can then provide to your insurance company. This may be helpful when you are trying to obtain coverage and determine what policy limits you need.
Insurance providers look at reputable, third-party appraisals as a helpful record to have when quoting or writing your policy as well as in the event of an accident, vandalism, or theft. Insurance policies traditionally pay out a claim based on the car’s value, not necessarily what was originally paid for it. Classic cars tend to have a higher value than when they are purchased, so it’s important to have a record of your vehicle’s actual cash value before an incident occurs.
The risks that classic cars are exposed to are often much different than daily use vehicles, and sometimes these risks can be very costly. To protect your property and your wallet, it’s important to get the proper insurance coverage for your vehicle. While researching classic car insurance, and the providers that offer it, it’s vital that you understand what coverage conditions or requirements your policy will require.
While you are shopping around for insurance coverage for your classic car, make sure you ask questions and understand what your policy will and will not cover. Classic car insurance may have storage requirements or usage restrictions, which is normally listed in your policy and should be something your current or potential provider can speak to you regarding.
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