You must find the right car insurance policy to cover your unique needs if you own a special set of wheels. A classic car is often a vintage vehicle or an antique that car enthusiasts collect. These cars are assets that command high market value. So if you own a vehicle in this category, you need a car insurance policy to match the uniqueness and worth of your prized possession. Many USAA auto insurance reviews confirm that you can purchase a special kind of insurance to cover the costs of any unforeseen incidents.
Fortunately, classic car insurance is now available for your collectibles. They are specifically crafted to protect your investment. To avoid unnecessary expenses, which are usually hefty because classic car parts and labor are expensive, you must learn about coverage options for classic vehicles. Learn more about how you can protect your classic car with proper insurance.
Get Special Insurance Coverage
A classic car is not an ordinary car. Since you have an extraordinary vehicle, regular car insurance is not enough to protect your vehicle from loss or damage. However, there is no standard definition of a classic car because “classic” can be relative, just like beauty. In general, if your car’s value is way beyond the original market selling price, it could be appraised as a classic. With that, you can be eligible to acquire special car insurance for classic vehicles and collectibles. The following vehicles usually warrant classic car special insurance:
- Antiques or vintage cars at least 25 to 30 years of age
- Muscle cars
- Classic trucks
- Old motorcycles
- Vintage military vehicles
- Antique tractors
- Spruced up hotrod or modified vehicles
- Luxurious and exotic autos that are hard to come by
You could qualify for special auto insurance if your vehicle falls under this category. Even newer cars that have been heavily spruced up could take advantage of this coverage. Those who are unsure can ask an insurance representative to iron out the details.
How to Qualify for Classic Car Insurance
Contrary to popular belief, a classic car doesn’t merely rely on age. However, most classic cars are indeed several years old. But some newer, modified hot rods could belong to this category. To assess if you qualify for specialized car insurance, learn about the criteria for classifying a vehicle. Though specific requirements could vary depending on the company, most insurers use the following standards:
- Limited Usage: Classic cars are unique, so you shouldn’t use them for everyday commuting. Special vehicles are not for errands, so the policy could include a cap on distance or mileage limits. If you have to transport it somewhere, the insurer may ask for proof of how you do it. On top of that, they may also request to see what vehicle you use for daily errands.
- Safe Storage: Car insurance providers stipulate that your classic car must be locked in a storage facility when unused. Ideally, this is a private structure with proper enclosures and appropriate locks. It could be in your own home or a rental storage facility.
- Car Shows: your classic car policy could have a clause that stipulates permission to travel for car shows or even auto club meetings. Read the fine print as some insurance companies restrict this type of travel. Hence, you must find one that allows you to take your classic on high-mileage travel that could span several days.
- Driving History: A clean driving record matters if you want to purchase special car insurance. You could be denied coverage if you have several traffic violations and moving offenses like distracted driving, excessive speeding, reckless driving, driving under the influence, beating the red light, speeding in a school zone, etc.
Even if you qualify for the above-mentioned categories, your application’s approval still hinges on the insurance provider. Different companies have precise standards they adhere to. For example, an insurer could deny coverage for an antique off-road truck. Classic cars in poor condition that often break down or have been seriously damaged in the past may not qualify for special car insurance coverage.
What Makes Special Car Insurance Different?
A policy for your classic car is not the same as your standard auto insurance. However, it does contain a few of the same provisions, like third-party injury liability and property damage coverage. Here are a few hacks to get you the necessary classic coverage for your precious baby:
Buy Sufficient Coverage on Agreed Value
Since every classic car condition is unique, there is no set of rules to follow. The insurance provider must agree to the value of your classic car make and model. The agreed value coverage will be in your policy, and your car insurance only covers that value. It won’t depreciate with time or even if you add miles.
To determine value, most insurance companies will check your service records. They want to work with classic car enthusiasts who prioritize maintenance. If you prove that you keep your car in excellent condition, you will likely receive a good appraised value for your vehicle.
Review the Given Policy
You must also read the fine print to determine coverage and limitations. Zero in on essential clauses like seeking specialized repair services or restoration. Will the policy allow you to bring your classic car to a specialist even if the rates are twice or thrice the costs of a standard repair?
Moreover, will the policy cover special towing and handling for classic cars or hard-to-find, expensive spare parts? Are there any deductibles you must pay before the policy kicks in? Iron out all these details so you know what to expect in case you need to file for claims.
Understand What’s Stipulated in the Policy
To enjoy coverage, you must follow what’s written in the policy. In general, you are expected to keep your classic car in a garage most of the time. You are only allowed to drive it out occasionally following the policy’s limitations.
If you feel your classic car has appreciated since they’ve become more popular, you must adjust coverage to keep it protected. Having this type of insurance coverage gives you peace of mind. You can feel confident even if you take your vehicle out on the road because insurance will cover potential complications. Investing in a special car insurance policy is crucial to protect your prized asset.