This is a guest post from Heather Dillon who writes for insurance blogs such as kanetix.ca where you can compare at Kanetix.
As a lover of classic cars, you know the incomparable feeling of cruising down the open road in a vintage vehicle. Anything seems possible with the wind in your hair and the throaty roar of an expertly-restored engine in your ears. Classic cars are a vital part of American history and a point of pride for millions of enthusiasts across the country. Sadly, their age makes them far more fragile than their less-distinctive modern counterparts. Read on to learn how to protect your piece of history with an affordable classic car insurance policy.
Issues with Traditional Auto Insurance
If you're happy with the coverage that your current automobile insurer provides, it might be tempting to bundle your classic cars into your existing policy. After all, most insurers now offer major discounts for policyholders who opt for such one-size-fits-all policies. Unfortunately, mainstream insurance companies rarely make provisions for show cars in their premium calculations. In fact, some policies may treat your classic cars as unsafe liabilities and raise your premiums across the board as a result.
The Classic Car Insurance Difference
You probably don't run errands or haul trash with your classic '65 Mustang. Classic car companies understand that you value your show vehicles and treat them with the respect that they deserve. They also understand that you use them less frequently and more carefully than your regular vehicles. In this regard, demographics are on your side: Most classic car collectors are
older, wiser and wealthier than the population as a whole, making the group especially attractive to insurers.
Restrictions and Covenants
When you take out a classic car insurance policy, your insurer will typically ask you to agree to
several restrictions. First, you'll agree not to use your vehicle for everyday driving activities like commuting, shopping or business travel. You also may not be able to race or time-trial your vehicle. Crucially, you'll need to lock your vehicle up in an enclosed garage to protect it from theft and the elements during periods of inactivity.
In addition, your driving record needs to be in solid shape. If you've received more than one points-accruing citation in the past three years, you may be ineligible for cut-rate classic car insurance. Each licensed driver in your household must also have a "personal-use" vehicle, typically defined as a non-exotic car that's less than 15 years old, for everyday use.
Comprehensive Coverages
Whereas mainstream insurance providers might rely on Blue Book values or recent sales data to determine the worth of older vehicles, most classic car insurers take a holistic approach to the valuation process. Most base their valuations upon a detailed appraisal that gives special consideration to the aftermarket modifications, restorations and design elements for which some simpler pricing models fail to account.
Your policy can also be tailored to the amount of driving that you'll be doing. You can choose from affordable plans that allow for a few thousands miles' worth of annual driving to comprehensive policies with no driving restrictions. Regardless, your policy will probably provide coverage for
towing, labor and even spare parts.
You've put too much work into your classic car collection to waste your money insuring it with a traditional auto coverage provider. Give your slice of American history the respect it deserves with affordable classic car insurance.
[editor note - I've personally
used Hagerty for my classic car insurance and it has saved me a ton of money. -Jim ]
--
Posts
