If you’re thinking about purchasing a classic car, there are a few things you should know. Believe it or not, it can actually be rather difficult getting classic car auto insurance.
Classic car insurance is a type of insurance that is used by owners of classic car owners and collectors. One of the reasons classic car insurance can be rather expensive is because collectable cars are attractive to car thieves causing insurance rates to be rather lofty. Insurance companies that specialize in classic cars, typically specialize in insuring only collectible cars. Some of the classic car insurance companies that you may come across in your research are American Collectors Insurance, Parish Heacock Classical Car Insurance, Asad Car Insurance Company, and Leland West Insurance Company.
When insuring a classic car, there are some stringent requirements that may apply. In some instances, the car must be at least 15 years old to qualify for classic car insurance. Also, the car must be stored in a garage that can be locked when the car is not in use. Sometimes, classic car insurance has mileage limitations, which only allow you to drive the vehicle up to 5000 miles every year. To be insured for such a car, an additional commuter car is required that can be used for daily transportation.
If you believe that the requirements mentioned above are not difficult to meet, then getting classical car insurance may not be such a hurdle. Although you may meet the requirements to get insurance, you need to be aware that there are some differences between classic car insurance and what is considered normal car insurance. For example, in a situation where your car is totaled, classic car insurance typically only pays out the agreed value amount in the policy whereas regular car insurance pays out the total value of the vehicle. Because classic cars typically have a high value, it can be almost impossible to find cheap classic car insurance. Sometimes it may be beneficial to hire a broker to help you get a cost-effective policy and rate.
If owning a classic car is a dream of yours, don't let the headache of finding insurance get in the way. Even getting short term car insurance coverage for your classic car can be tough. If for some reason you become overwhelmed shopping for insurance, then hire a broker to help you find the best policy that meets your needs. A good broker can help you find several classic car insurance quotes and policy choices.