What Is A Classic Car? As Defined By Classic Car Insurance Companies
June 4, 2009
The question today, is what makes a classic car? Does a car simply have to be old? Does it need to be expensive?
Requirements of a Classic Automobile Insurance Company
Everyone has their own opinion about what is a classic car according to a classic car insurance company? According to most car insurance companies, a classic cars that is at least 15 to 20 years old or older, is garage kit when not in use, and is driven less than 2,500 miles per year (states can vary on this number, as some states allow up to 5,000 miles per year)
Why get classic car insurance?
Classic car enthusiasts spend years trying to find that perfect car, months to years restoring the car to its top condition, and tons of money restoring and maintaining the car back to its top condition. Classic car insurance is all about protecting the investment that was put into a classic car. Keep in mind that not just any automobile insurance will work. Because classic cars often have much more value than a late model or even a new car, it is vital to the owner to protect the investment.
What are the types of classic car insurance?
Often classic car insurance is called “collector car insurance.” A collector car is a car that is not an everyday driver and usually is 15 years or older. There’s different types of classifications of collector cars when it comes to collector car insurance. It all depends on the classic car insurance company and how they define their different categories of coverage.
Newer cars (15 years or newer) are generally considered exotic or special interest cars. The collector car to insurance company will go to great to make sure that this car is not driven too much and is indeed treated like a collectible car.
A vintage car is just a few decades such as a 1989 Turbo Trans Am Indy 500 Pace Car that is only taken to car shows. It is not a regular driver but only considered a collectible car. Classic cars are cars that are generally 15 years or older. Antique cars parked cars that are usually 25 years or older. The classifications vary from state to state, but antique and classic are terms that can be used interchangeably pretty much.
Classic Car Insurance Quote Online
November 5, 2008
If you are looking for a classic car insurance quote online you will want to learn about the different types of insurance that are available. Knowing what type of insurance is best for your needs will make searching for a classic car insurance quote online much easier. Many owners of classic or vintage cars insure their treasure with a standard insurance company, but this might not be the right choice. Standard insurance generally does not offer the best price and often will leave a classic car seriously under insured.
There are basically three kinds of car insurance available. Two of these insurance types are suitable to insure your classic car. Most standard cars use ACV insurance for their coverage. Actual Cash Value or ACV insures a car for its depreciated value or sometimes what you paid for the car. This should never be used for insuring a classic or vintage car because it will not pay for the cars classic value.
When looking for a classic car insurance quote online, look for an agent or company that will offer Agreed Value and Stated Value terms. Only these two types of coverage plans should be considered for a classic car. If your insurance company or agent that you use for your standard cars, the ones you drive every day, does not offer these types of insurance you will need to look elsewhere.
The Stated Value plan allows you to state the value of your car. However, within the fine print you will likely see that you might not be completely insured for the value you stated. This type of policy allows for deprecation. With a Stated Value policy, there is always a deductable.
The preferred choice for most owners of classic cars is the Agreed Value plan. With this type of policy the classic car that you insure is 100% covered, there will likely be no deductable, and depreciation value is not considered. This would clearly be the choice when insuring a vintage or classic car.
Most policies that insure a classic car will usually include some clear limitations. There may be mileage restrictions placed on the policy. The standard restriction for mileage is 2500 miles per year or 250 miles per month.
The age of the driver is also limited. The standard age restriction on a stated value classic car insurance policy would require the driver to be at least 25 years of age. Often the terms will also require that the driver have a minimum of 10 years experience on the road with a pretty clean record.
Most classic car insurance policies will require that the car be garaged when not in use. This is usually not a problem for most classic car owners. It is not likely that anyone that owned a $90,000, beautifully restored vintage car, would park it in the driveway.
Another common restriction for classic car insurance is the requirement that you own another vehicle. You will be required to have another care that you use for your daily transportation.
When looking for a classic car insurance quote online, dig deep; fully understand what all of the available options are before making a selection. Cost will obliviously be a consideration, but it should not be the only thing you look for. When you buy insurance, remember that you are paying for a service. By searching for a classic car insurance quote online, you can easily compare your options and make a knowledgeable decision.