Why Buy Classic Car Insurance

If you have a vintage or classic car, then you may want to insure it. Just like wine, some cars get a higher value over time. We said “some”, because the term does not apply to all cars. There are many stringed considerations regarding age and model that make a car classic. Of course, 40-50 years old car, produced in limited edition, are really pricey. Consider buying the right classic car insurance if your car meets the requirements. Find out more about this policy and get insurance quotes auto online from our website.

insurance quotes auto onlineWith Classic Auto Insurance, coverage is based on an agreed-upon value, which is often referred as a “guaranteed value” or “replacement value.” This value is the amount both you and your insurance company have agreed upon to pay for a total loss. The amount is usually based on trusted collectible car valuation guides and a professional appraisal of the vehicle. In addition, the insurance underwriter will do some research which may affect the final determined amount. This determined value is very important because if your car’s value is set at $70,000, then you’ll be compensated $70,000 for a total loss.

Unlike other cars that we use to drive to work, school or commercial purpose, collectible cars increase in value but only if they are maintained and/or restored to good condition,

There are several conditions to be met before a policy can be issued. These include:

  • Mileage: There are mileage restrictions that vary according to each state. Generally speaking, limits for annual mileage are about 5,000 to 7,000 miles but some insurance companies limit mileage to less than that.
  • Age of the car: Usually, 25 years old or older.
  • Driving record: Insurers will often look as far back as 10 years when checking driver’s record. Even one at-fault accident may prevent you from getting insured for a classic car.
  • Storage: The car must be garaged or placed in a storage facility.
  • Agreement: You will most likely be asked to agree not to race the classic car or expose it to any other types of potential peril.
  • Condition of the car: If your car is not in good condition or has been in an accident, insurers will be hesitant to insure you.

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