Unique vehicles require special automatic coverage.
Classic, customized, collectible or antique cars need insurance to reflect the uniqueness and value of your vehicle. If you have or want to have a special set of wheels, understand the type of policy you need.
What kind of vehicles need special insurance?
Classic, collectible or antique cars are not ordinary cars, and regular vehicle insurance is not sufficient to protect such vehicles from damage or loss.
That is to say, there is no uniform definition of a classic car. If the value of a car exceeds the original sale price, it may be considered recoverable and is a candidate for a special classic car insurance. In general, vehicles that may need classic car insurance include:
Antiques and vintage cars, usually at least 25 to 30 years old.
Hotrods and refitting vehicles.
Exotic and fancy cars – think James Bond.
You can also look for professional insurance on vintage military vehicles, classic motorcycles and antique tractors.
Qualify classic car coverage.
Limited use – your classic car cannot be used for the daily commute or errands, and your insurance policy may include the mileage, and prove that if you take a bus trip, the car will be repaired correctly. In some cases, the insurance company may require that you also have a major car for daily use.
Auto show and conference – the limited use of classic car policy allows travel to auto show and auto club meetings; However, such insurance may be limited by some insurance companies. If so, there are insurance companies that can provide specialized auto shows and conference reports. Before choosing a classic car insurance company, if you’re planning to drive on a regular, multi-day, high-mileage drive, it’s worth your car’s travel restrictions.
Safe storage – when not in use, your special vehicle must be stored in a closed, enclosed private structure, such as a residential garage or storage unit.
A clean driving record – if your driving record of serious violations, reckless driving, for example, repeated violations or drunk driving, speeding, you may be disqualified from the classic car insurance.
Not every car, no matter what special, will qualify for every insurance company. For example, some insurance companies may not include retro suv. Insurance companies may also refuse to insure shoddy or formerly damaged vehicles.
You should know some classic car policy.
Your classic car policy will include standard auto insurance policies, especially property loss and personal injury liability insurance. But there are some differences:
The value of your car – because the terms of each car are unique, there is no “book value” for specific brands and models. The first step in making sure your old car is to get you and your insurance company to agree on the value of the vehicle. This value will be specified in your policy, and your car will override that value without depreciation.
Note that the classic car may gain value as the daily car depreciates over time. Make sure you adjust your coverage to appreciate your car’s value.
Professional maintenance or repair of your policy should enable you to flexibly to your old Mercedes, ferrari or corvettes to professionals – even if the cost is a typical traditional garages double or triple the cost of car repairs.
Special traction and spare parts – traction coverage is proportional to the special requirements of transportation classic cars. The coverage of the spare parts also needs to be in line with the replacement value, which may be difficult to find in vehicle parts (such as wheels, gearboxes, and engine parts).
Choose a motorcycle, not a motorcycle. Read motorcycle insurance.