For many people, their passion is cars. There’s nothing more exciting for them than buying and restoring a classic vehicle. No matter what era your classic car is from, one thing you will have to think about is how to properly insure it. While the process of insuring a classic car is quite similar to insuring a new vehicle, there are some significant differences that you should be aware of. Here are a few things you should know to help you choose the right insurance policy for your classic car.
Accurately Calculate the True Value of Your Classic Car
Like anything, you can end up paying too much for car insurance. If you don’t want to avoid paying more than you need for coverage, you need to know the true value of your car. This means knowing what it would actually sell for if you were to put it on the market. It also requires factoring in things like depreciation and restoration work.
Look for Auto Insurance Policies Designed for Classic Cars
While the concepts are the same, you shouldn’t buy a standard auto policy for a classic car. Instead, you should look for auto insurance policies specifically tailored to antique autos and car collectors. You may even have to use a new insurer. Look for a traditional or specialty insurer that offers classic car insurance policies.
Understand the Limits of Classic Car Insurance
Classic car insurers have specific expectations for how a classic car will be used or operated. For one, you won’t be able to obtain this kind of coverage if you expect to use the car in question as your primary vehicle for things like commuting to and from work. Instead, it should only be used for driving for pleasure and enthusiast activities such as attending exhibitions or parades.
Protect Your Classic Car
Another expectation of classic car insurers is that you will take the appropriate steps to protect your classic car so it retains its valuable condition and can’t be easily stolen. For one, you shouldn’t store your car outdoors. Instead, it should be stored indoors in a secure location such as a garage or carport.
Know What the Coverage Entails
You need to review an auto insurance policy carefully before you purchase it. Make sure you know exactly what the insurance covers and what it does not. In regards to classic car insurance, this may include coverage for things that regular car insurance would not cover. For example, this may include something like medical reimbursement if a trade show attendee is injured at your car’s exhibit.
Every car needs insurance. This is even more so the case for classic cars since they are rare and important pieces of history. Don’t settle for an average car insurance policy. Instead, find a car insurance policy specifically crafted for the needs of classic car collectors.
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