What Insurance Companies Look At When Insuring A Classic or Antique Car
What Insurance Companies Look At When Insuring A Classic or Antique Car
It used to be very difficult to obtain insurance for a classic car. Lately, however, because of the growing popularity of collecting classic cars, more insurance companies have begun to offer coverage. In fact, there are some auto insurance agencies that target owners of collectible automobiles as their primary market.
Individual collectors, as well as insurance companies, have differing views on exactly what constitutes a classic car. In general, however, any car older than 20 years is considered to be a classic. And, if the car is older than forty five years old, many will call in an antique.
But, a classic car is more than just an old car. In fact, when viewed as collectibles, many are more valuable than the new car models that come out every year. That's why an insurance company has to look at more than just the age of an car when writing a policy on a classic car.
Since a classic car normally falls under the 'collectibles' umbrella, insurance companies will typically put restrictions on how it can be used before they agree to insure it. These restrictions may include details such as how often you can drive it, how many miles you can drive it within a specified period of time, and what type of environment it has to be kept in when not in use. Many insurance companies will also either deny coverage or charge exorbitant rates if the classic car is used in any type of commercial activity.
When shopping for insurance for a classic car, you have to look beyond trying to find the cheapest insurance that is available. If you car is damaged or destroyed, you want a policy that will pay the full collectible estimate as agreed upon. And, much more important than the specifics of the policy itself, is the reputation of the company offering the policy. An insurance company with a history of insuring classic and antique cars and that has a number of satisfied policy holders is the best bet.
The costs of insuring a classic car is normally higher than that of insuring a regular car primarily because of the increased difficulty and expense in finding replacement parts. However, as with insurance on regular cars, to lower your premium costs, most companies will allow you to select a higher deductible than normal. Many agencies will also allow you to reduce your premium if you store your car in a protected environment during certain periods of the year.
And, if you believe that the premiums for the coverage you are being offered is too high, simply ask the agent if there are ways that you can reduce the cost. Most times, they will be able to accommodate you with a viable solution.
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