Classic Car Insurance – What it is and how does it work

Are you a classic car collector? Do you love buying an antique automobile and then modifying it to cater to your interest, just like Ralph Lauran changed the color of his antique car to his favorite color? Well, this is indeed an expensive alacrity. However, you must also make sure that your investment doesn’t go down the drain. That’s why you must get classic auto insurance if you haven’t got one yet.

In this write-up, you will get to know everything about classic car insurance, from what it actually is to the cost of classic car insurance. If you are not sure about this kind of insurance, then read further to get the overview about it because if you are a lover of classic cars like the 1936 Mercedes Benz 300Sl or 1970 Datsun 240X, you will need it to protect them.

What is classic car insurance and why do you need it?

The main purpose of getting classic car insurance is to protect your antique vehicle from unfortunate occurrences. Unlike regular auto insurance, here you seal the deal with an agreed value. It means that you and your insurer will agree on a particular cost mutually, and your vehicle would be covered up to that limit. Moreover, this particular kind of insurance also protects the value of your vehicle, as it often increases the value over time due to its age.

If you are wondering why you would want a classic car coverage when you can afford to protect the interest of your car on your own.  Know that the same rule applies to every car be it vintage or new, and that is, it is illegal to drive an uninsured car. If you are found driving it without buying insurance, you would be fined, or your licenses may be suspended. Apart from that, it is always better to be safe than sorry. If you would own classic car insurance, you can sleep with ease.

Different types of classic car insurance

Most of the types of policy are similar to traditional car insurance. However, there are a few extra options to choose from if you are a vintage or upgraded car owner.

Spare parts coverage

This branch of coverage protects those spare parts or back-up parts, for example, water pump and other if they are stolen or theft.

Auto show medical insurance

As the name suggests medical, it will provide coverage for the damage done to another person, regardless of whoever’s fault was it. This protection is specially made for the auto show or exhibition. So, if anyone is hurt or someone slips into your exhibition, then Auto show medical insurance is there to protect you.

No attendance coverage

You can’t sit for hours with your car during an auto show or exhibition. During this time, if your car gets damaged, you can easily claim your ‘no attendance’ insurance to safeguard yourself from the costs. Moreover, with this kind of insurance in your hand, you can be stress-free and leave your car without any issues.

Roadside assistance and traveling expenses

This comes with many traditional auto insurance policies, but what differentiates it from a regular auto coverage is that not only you will get a safe tow on a flatbed tow truck, but you will be reimbursed for the traveling cost as well. The traveling reimbursement includes coverage for food, hotel, or room, a few essential personal items, and it will also provide a rental car service until you receive your car once again.

What is the eligibility criteria for getting a classic car auto insurance?

Like everything else, you must follow and complete the given criteria to secure classic car auto insurance.

The primary condition is that you must not use your vintage automobile as your primary source of transportation. Moreover, you would not be allowed to drive more than 7500 miles each year. However, the mileage count is subject to change as it depends on the insurer. Apart from that, you must be at least 25 years old with driving experience up to a minimum of five years and with excellent driving history. You must also make sure that your car is well protected and is parked in a secured driveway.

How much does classic car insurance cost?

If you are wondering about the average cost of classic car insurance, then know that it is lesser than regular auto insurance. The reason is that you drive your vintage car less and with a limited mileage per year. Moreover, you keep it in a secured garage, so there is no harm done to it. However, the monthly premiums would be calculated just like traditional auto insurance.

Apart from that, if you think the cost of classic car insurance is too much for you, you can also get the available discounts to lower the cost. You get the discounts based on: if you have multiple policies, are insuring more than one vintage car, clear driving record, your car is equipped with an anti-theft device, selecting a comprehensive policy, or if you have completed a defensive driver class.