How to Find the Best Auto Insurance For a Classic Car - Tips For Finding Cheap Antique Car Insurance

How can one find the best auto insurance for a classic car? Is it even possible to find cheap antique car insurance? Classics cars can be well worth the sometimes pricey cost of upkeep and storage - there is no need to have to pay more for insurance coverage than necessary. Read on to learn some of the things that you should know before you purchase a classic car auto insurance policy.

Who hasn't turned their head while driving down the road to get a better look at a classic or collectible car? We're enamored with the lines of the car as well as its pristine condition. But the detailed attention in maintaining a classic car's flawless appearance and operation is not only to draw admiring looks, it is also necessary in order to keep up the market value of the car. For this reason, along with others, specialized classic auto insurance policies were developed to meet the needs of classic and collectible car owners.

Another reason (a very important reason), for insuring your vehicle as a classic or collectible is the greatly reduced cost of classic car insurance relative to standard auto insurance. Standard auto insurance can cost as much as 200%-300% more than classic auto insurance. So, what is the biggest factor that causes such a great disparity in price between classic auto insurance and standard car insurance? Generally, collector vehicles are driven on a limited basis (the garage is where they are usually found). As a result, the risk of accident and loss to collector vehicles is considerably lower than the risk involved in vehicles that are regularly driven.

DOES YOUR VEHICLE QUALIFY?

The following is a list of classifications for collectible cars.

Antique cars - 25 years or older

Custom cars - 1949 to present

Classic cars - 20-24 years old

Collectible cars - 15-19 years old

Exotic cars - less than 15

Street rods - Pre-1949

This is the standard listing for those cars that are considered eligible for classic car auto insurance, but certain cars may be accepted at the discretion of the insurer. Sometimes, classic car insurers will customize an insurance policy for a particular vehicle.

WHAT ARE THE RESTRICTIONS ASSOCIATED WITH COLLECTOR VEHICLE INSURANCE?

To keep collector auto insurance rates low, certain usage limitations are placed on the insured vehicle.

Cannot be used for everyday use. This rules out using it to drive to work, run errands, or go out for that bite to eat. Under a classic car insurance policy, car usage should be limited to driving to and from car shows and the occasional parade.

Cannot be driven more than 2,500 miles per year. 2,500 is a fairly standard number among insurance companies that offer classic coverage, but there are some insurance companies that have mileage plans that allow up to 5,000 or 6,000 miles per year. This increased mileage limit was put in place to accommodate those drivers who like to take their cars to distant car shows. Of course the premiums are greater.

Must be kept in a locked garage. A locked enclosed trailer will also do, but a carport will not meet the grade even if you live in a gated community with a security guard. (The weather is also an enemy of the classic car). Some policies might stipulate that a car cannot be left unattended in a parking lot. This means leaving your car in a motel or hotel parking lot might present a problem.

WHAT CONSIDERATIONS SHOULD BE KEPT IN MIND WHEN CHOOSING CLASSIC AUTO INSURANCE?

Does the company offer Agreed Value Coverage or Stated Value Coverage?

Agreed value lets the classic car owner and the insurance agent set a value for the auto that does not necessarily reflect the market value for that car. Usually, the insurance agent will have to do a thorough inspection of the car both inside and out and will require photos of the vehicle.

What are the usage and mileage restrictions?

Find the policy that best suits your plans for using the car. Why pay for a plan that covers mileage for 5,000 when you know that you won't even come close to using the 2,000 miles available in a cheaper policy.

Can you choose your own repair shop?

The Mom and Pop shop down the road might do a good job on your regular car and offer the lowest repair bid in town, but do you really want them working on your classic "baby"?

What company underwrites the policy and what is the rating for that company?

You want to be sure that the underwriter has a good track record and is going to be able to fulfill all of their obligations even if for some reason there is a larger than normal influx of insurance claims.

Are there any discount programs available?

A good insurance company should always inform you of any discounts that are available to you, but it doesn't hurt to ask.

Does your insurance offer insurance for classic or modified cars that are under construction?

Some companies will monitor the progress that is being made on your vehicle while it is in the garage for repairs and modifications and allow you to adjust the value of the car as the project continues. Also, this type of insurance covers damages to your auto in case of a catastrophic occurrence such as a fire, or the hydraulic lift fails, or the tool cart falls on your car (with a little imagination the possibilities are endless.)

WHY CAN'T I JUST ADD MY COLLECTOR CAR TO THE FAMILY AUTO INSURANCE POLICY?

You can, but it could be a costly mistake. If repairs are needed you may be forced to accept the lowest repair bid, or if the car is badly damaged, the insurance company could opt to have it totaled. And although a discount is usually given for cars combined under one policy, that discount still may not provide the savings available if the car was insured under a classic auto insurance policy.

Finally, make sure your insurance company has a good understanding of classic cars. In the event that your car is totaled, you want to be able to work with a knowledgeable representative and receive the full value for your car.

COMPARE CHEAP CLASSIC CAR AUTO INSURANCE QUOTES ONLINE

Be sure that you shop around and compare car insurance rates from multiple companies before you decide to purchase. The more you shop the more you may save.

Get started comparing car insurance rate quotes today!

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Parish Heacock Classic Car Insurance

Traditional insurers will either refuse coverage, offer only a replacement value based on the nuts and bolts (minus heavy depreciation) of the car, or will charge you a prohibitive amount for the premium. But many collectors find that special collector's coverage saves them money - as much as half - while insuring them for higher limits, sometime three or four times what a traditional company gave them.

Yes, it's possible to get collector's insurance coverage for full market value for your car, and save up to 50 percent off of the premium you'd pay with ordinary insurance. That makes classic car insurance a must-have for any serious car buff.

Below is information about three of the most reputable and dependable collectors and classic car insurance companies in the USA (All information listed below subject to change, please contact the insurance companies listed to be sure.)

Similar to the others listed below, but please contact Haggerty for details. American Collectors Insurance P.O. Box 8343 Cherry Hill, NJ 08002 Email: info@americancollectors.com Toll Free: (800) 360-2277 Qualifications (subject to change or regional laws so check with the company for specific up-to-date information).

At least 15 years old Garage-kept Driven on a limited, pleasure-only basis (up to 5,000 annual miles - available in most states) You may also qualify by: Having at least 10 years driving experience Having a good driving record Having at least one "regular" vehicle for every licensed driver in the household You may request a policy application either directly from American Collectors Insurance or through your local insurance agent (rates are the same either way).

Parish Heacock Classic Car Insurance P.O. Box 24807 Lakeland, FL 33802-4807 Email: info@parishheacock.com Toll free: (800) 678-5173 Qualifications (subject to change or regional laws so check with the company for specific up-to-date information).

Each household member of driving age must have at least 10 years driving experience or be excluded. Each household member must have a regular use vehicle less than 15 years old that is insured with liability limits equal to or higher than the limits being applied for on the collectible vehicle. All licensed members of household and any other drivers of the vehicle must be listed on the application. Maximum of two accidents or violations in the household, maximum of one per licensed household member in past 3 years. No major violations permitted in past 5 years. A Driver Health Questionnaire must be completed for all drivers over 70 years old.

Auto must be stored in a locked permanent garage facility when not driven. Auto may not be used for commuting to or from work or school, used for business purposes or as a substitute for another auto. Autos not covered while on a racetrack or when being used for: racing, speed, driver's education, or timed events. Must display pride of ownership: well maintained, in restored or well-preserved condition. Vehicles under restoration must be stored at residence or a restoration shop, with a target date for completion. Agreed value coverage is not available on cars under restoration. Eligibility subject to company review. Replica Vehicles and Pro Street vehicles are subject to company review. Trucks and Jeeps must be over 25 years old, and not be used for towing, hauling, off-road or utility use. Generally do not require appraisals, but may ask for one if vehicle value is difficult to determine.

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Classic Car Insurance FAQs

Many people own classic cars as a hobby and take pleasure in maintaining and looking after them. However, there are chances that the car might get damaged either while on road or even when housed in the garage. This is where a special type of insurance called classic car insurance for the classic car owner. It is very important to choose the best classic car insurance that is available. There are many questions that a classic car owner has in mind while purchasing a classic car insurance policy. Classic car insurance Frequently Asked Questions (FAQs) are about, when a classic car is not driven, coverage when left unattended, garaging requirements and driving restrictions.

The major difference between classic car insurance and regular car insurance is of the value paid for the in case of a total loss situation. Classic car insurance works on Agreed Value, which means compensation, is of a pre-agreed value. The regular car insurance pays the Actual Cash Value or the Standard value, which means, either the depreciated value is paid or else the payment is up to a particular amount.

In case a classic car owner never drives the car on the road, the insurance offered is for the value of the car. For this, the owner needs to get the car appraised and submit it to the insurance company at the time of purchasing the policy.

If the car is left unattended by the car owner, even then the insurance company usually pays the claim. However, the claim will depend on the owner fulfilling all other garaging and driving requirements.

Garaging requirements make it mandatory for the owner, to store the vehicle in a completely enclosed and locked garage when the vehicle is not in use. Driving requirements include decent driving history of at least ten years. Further, the insured car must be at least fifteen years old to qualify for this program.

The classic car is generally more valuable than any other vehicle, driven on the road. Therefore, is advisable to get appropriate insurance for it for the owner?s peace of mind.

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