How to Purchase a Classic Car Insurance Policy

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By Wasatch
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Buying classic car insurance is not as strait forward as insuring your other cars. This article will give you a few things to look for when buying your insurance policy for a classic automobile.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

A Classic Car

Step 1

Before you start shopping for quotes on insurance for your classic auto you will need to think about a few things. Is is considered a high performance car like a Shelby Cobra or a classic Ferrari? What will your primary use be. Will it only be driven to and from shows? Maybe it is only going to be driven on and off a car trailer and not be on the street at all. Maybe like my old Studebaker that I had years ago it will be a daily driver. Perhaps it is owned by your small business and used for advertising. All these factors effect your car insurance rate. How many miles a year do you plan on driving.
Step 2

he first place to get a quote for classic car insurance is your local insurance agent. You may have a company that offers classic car insurance and get a discount on your policy since you have multiple cars insured and they know this is a third vehicle for you. Check with your existing insurance about classic car coverage and what it includes. How do they value your car. There are different book values and more variables than a new car with condition and rarity affecting price.
Step 3

There are many national companies that specialize in only classic car insurance. A few I know of are Hagerty, Heacock, and LelandWest. If you attend car shows and events ask fellow classic car owners who they keep their insurance policy with.
Step 4

One more factor to think about is how is your car categorized? Is is a true antique. Is it a newer specialty car like a Plymouth Prowler? Is it stock? Is it custom with altered engine size and one of a kind body alterations that cannot be readily replaced with stock items. All these factors will affect type and cost of insurance.
Step 5

With classic autos it is important to look at what is covered in the insurance policy. Some cover pleasure driving up to a mile limit. Others cover anything. Some insurance is only for shows and not for road driving. There are rare car policies that even cover loss of spare parts that are hard to replace. Evaluate your needs and find a fit. The right policy is out there. Often classic car insurance is cheaper than a standard car policy as you drive less and more cautiously. Check some of the links in the resources.