How to Insure a Collectible Classic Car
Classic cars are older vehicles that are more than 15 to 25 years of age. Car insurance and classic car insurance are two separate vehicle insurance policies. In the case of classic cars, there is a specialized policy to cover such a vehicle. Classic cars need very specific coverage because damage to a classic car is often expensive to repair as parts are no longer available, and classic cars can have varying values based on the age and condition of the vehicle.
Other People Are Reading
Instructions
-
-
1
Determine the insurance needs of the vehicle. This will differ for the individual. Coverage for classic cars requires an agreed-amount policy, which is a policy type most general auto insurers do not offer. This type of policy means the insurance company will cover damages on a vehicle up to only an agreed-upon amount. Other coverage options include damage to the vehicle while at classic car shows, and for specific annual mileage on the vehicle.
-
2
Provide ownership proof of another vehicle that is used for everyday transportation needs. Classic car insurance will not cover a car if it is used for everyday needs because it has a high risk of damage.
-
-
3
Select an insurance company. Insurance companies will differ by state. According to British Classic Cars under the Classic Car Insurance page, the insurance company must be licensed by the state and should provide a separate collector car policy. If it does not meet either standard, look for another company.
-
4
Set up the insurance based on personal needs. Any collector that goes to auto shows to display the vehicle should cover damages due to auto shows. A collector who does not display the vehicle will not need this type of coverage. The needs of the collector will determine the details of the policy.
-
1
References
- Photo Credit classic car image by Goran Bogicevic from Fotolia.com
