How to Find the Best Classic Car Insurance

Classic Car Insurance

Collector car insurance

Classic Car Insurance

Every April and September, classic cars from all over the US, gather in Concord to show off their poise, engines, make, rims, seats, and wheels at the Charlotte Auto Fair.

Talk of Chevrolet Bel-Air, Cadillac V16, Ford Model T, 1966 Shelby 427 Cobra, 1969 Ferrari Dino 246 GT among many others. Old cars, made from 1915-1997, are precious collectibles. 

Having the right classic car insurance to protect your investment is critical. 

Don't just buy some regular cheap auto insurance policy, thinking your antique is going to be replaced or paid at fair market value.

You need to have a policy that is specifically designed for the classic car market. 

Classic Car Insurance Brokers

You need to work with an insurance broker that understands the value of your classic or antique vehicle.  

Make sure you are buying an agreed valued policy for your vehicle.

The last thing you want to find out is your wrecked 50-year-old vehicle is going to be paid on an actual cash value basis.  Which are pennies on the dollar.

A FULL replacement cost policy or agreed value is what you want to put you back where you were before any loss.

As classic car insurance brokers, we can search the market for the coverage you need at an affordable price. 

Is Classic Car Insurance Cheaper?

This is a very common question about the cost of classic car insurance.  Believe it or not, in many cases the cost is sustainably cheaper.

But, even with agreed value coverage most vintage car enthusiasts generally, only put a few hundred miles on their vehicle per year. 

And, because the owners take so much pride in their vehicle they are stored and covered 99.9% of the time.

Consequently, the low risk of auto accidents is virtually zero. 

This translates to very low to value classic car insurance premiums.

Finding cheap collector car insurance is easy.  Finding proper coverage at an affordable price is our job, as collector car insurance brokers.

How old is your Classic Car?

Auto insurance is mandatory, although older and less flashy cars will often pay fewer premiums due to their lower value. They also offer room for adjustment on their coverage to save money.

Cars older than 40 years are often exempted from road tax charges in various states. So, yes, age in vehicles is of much relevance in insurance.

A car is handled as a classic after ten or more years of use depending on the insurer.

There are different needs for personal and commercial car insurance coverage.

A good insurance broker will get you the best quotes for each. Car insurance dates back to the year 1893 when some of the oldest car companies in the world began manufacturing cars. It is thus not a new thing. Matter of fact, it has been mandatory since 1927 when the first law for mandatory liability car insurance was passed in Massachusetts.

A lot has changed since. Different policies and premiums have been introduced depending on the purpose, value, and age of your vehicle.

You can now get car insurance quotes online to save time, money and the entire hustle.

The underlying fact about insurance coverage for older vehicles is that saving the car in case it is involved in an accident is a thing you might not be able to do.

The insurance company will not pay for the repair as the car is very old and of very low value.

With this in mind, it is important to know the value of your car and make sure not to pay deductibles that are more than its value. Read through the various coverage options the insurer is offering you and make sure to clearly understand them. 

Compare each one of them against the value of your car. Then make sure to get the right insurance coverage that comfortably suits your older car.


Classic Car Insurance Policies

Classic insurers tend to prefer covering cars with a low yearly mileage. A run around the car can easily qualify for a classic insurance policy. Various insurers give mileage limits with your policy.

If you happen to exceed the limit, you risk your cover policy being invalidated. It is thus very important to understand the terms of a classic policy before buying one.

With low mileage for an old car and you happen to be 25 years of age and above, you can easily qualify for a very friendly deal for your classic car insurance policy.

If you happen to be younger, there are always other levels of car insurance cover for you to choose from. There are also other factors that influence insurance cover rates like gender.

Types of Insurance Coverage for an Old or Classic Car

According to the American Department of Transportation, car insurance consumes approximately 8 percent of the owner's annual income.

With this in mind, it is important to watch out not to pay more than what you should for your old car.

With an old car, you can actually protect your money by going to options with minimal coverage. These options are often way cheaper for older cars and will spare you a substantial amount of cash either way.

When is a good time to switch car insurance companies?

Remember, no matter how old your car is or how much you want to spare your money, insuring your car is a legal requirement of owning a car across all states. This is because any car, whether old or new, can cause an accident.

In the occurrence of one, protecting everybody on board, including you is a priority. In other unfortunate instances, you might accidentally hit someone else and must cater for the damages caused. Liability coverage for older cars will cater for both bodily injury and car damage on your behalf.

Additional protection such as personal injury calls for an addition of medical payment coverage.

Comprehensive and collision coverage is also an option for old cars, especially in a case where your older car is valued for less than the total annual deductibles.

What matters most for older cars is the availability of help in times of need especially when they break down.

This is due to the fact that older cars can be very unpredictable. They can break down any minute and anywhere. As an owner, what you need most at such a point is assistance in towing and an extra hand. This could probably be all that matters.

The Liability Coverage for Classic Cars

This kind of coverage works in covering bodily injury on you and any passenger in your car. Depending on the state, the insurer will pay out a maximum of $50,000.

It also covers any damage caused to a second party property. Similarly, the insurer will pay up $50,000 for the damage. Coverage extends to this type vary depending on the different state's minimums for liability coverage and the coverage options that you go for. The best part of liability coverage is that it covers you when the accident occurs as a result of your negligence, carelessness or ignorance.

This is if the accident and people getting hurt was entirely your fault. This cover is interesting as it is important for anybody owning either an old or a new car. It holds you liable for all injuries caused.

Uninsured Motorist Coverage on Classic Vehicles

This type of insurance coverage mainly depends on the car owner. Some decide to take it while others may decide to opt out. For this coverage, when an accident occurs and your car is damaged by another, you don't receive any compensation. This is if the other party happens to be driving with no coverage at all. This coverage is often taken by those who want to spend the very least on insurance.

classic car insurance  cheapest classic car insurance

Towing Coverage For Classic Cars

Knowing that your classic car will break down anytime and anywhere, you should be very interested in this type of insurance coverage.

It comes in handy, especially when you are stranded with your broken car and have no way around. The insurer will not repair your car for you, but will tow your vehicle out of that tight spot you find yourself in. It is good to note that it could be more expensive if taken separately. A good insurance broker will advise you accordingly.

For Classic Car Insurance quotes online or over the phone, call 800-459-6060 and speak with a licensed insurance broker or click here for online quotes.

About the Author

John Espenschied is a long-time veteran of the insurance industry. He has worked in various positions within the industry for over 20 years, and for the past 15 years, he has been the owner and operator of Insurance Brokers Group, an independent insurance agency. John loves advising people on the insurance that meets their needs and goals, whether it be for personal or commercial purposes.

John is married to Melissa, and they have three children together, as well as three grandchildren. In his spare time, John enjoys golfing and playing in the golf league, biking to their local brewery along the Missouri river, and going on motorcycle rides when the weather is nice.

John Espenschied

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