The Key to Buying the Right Antique Car Insurance

If you are the owner of an antique car, or you are planning on purchasing a classic car, there are some very basic pieces of information you need to know about purchasing antique car insurance. Just like the antique car you own or plan to own, the antique car insurance is specialized for the restored classic car treasures it covers.

Qualifications for Antique Car Insurance

It is important to know that there are different classifications for antique cars and your antique car insurance will cover all of these classifications. The Antique division includes any car manufactured before 1903. Vintage cars are those automobiles made between 1903 and 1933. The classic cars were made between the years 1933 up to cars that were manufactured 16 years ago. Other classes of antique and classic cars fall under the category of muscle cars, sports cars, convertibles, and vehicles with big block V8 engines. There are more categories for cars with unique shapes, fire trucks and pickup trucks.

Where to find Antique Car Insurance Coverage

It is best to purchase your antique car insurance policy from a company that specializes in classic and antique car insurance. Your regular car insurance company may carry insurance for classic and antique cars, but it will probably cost you more than a policy purchased separately from a company that specializes in antique car insurance. Three companies you can check out for prices are The Hartford, American Collectors, and AutoInsure. Another option you might want to look into is finding a blog related to antique and classic car collecting. The individuals on these sites may have some good resources for antique car insurance.

Limitations on Antique Car Insurance
Because of the value of your antique or classic car, most insurance companies that insure these cars put some very restrictive limits upon the use and storage methods of antique cars. They prefer the driver to have ten years of driving experience, be 25 years of age, and have a spotless driving record. Your will also need to show proof that you have a separate car to drive for everyday use. Your classic or antique car must be stored in a garage or another enclosed area that can be locked at all times as well as the car should be covered with a tarp or some type of protective cover to prevent scratches and dings. The mileage driven per year will be limited to 2,500 to 3,000 per year. The most mileage allowed in the US is 5,000 miles per year.

Types of Antique Car Insurance

There are three types of antique car insurance that you can purchase for your car. You may choose from actual cash value antique car insurance, stated value antique car insurance, or agreed value antique car insurance. The actual antique car insurance is based on the present value of the antique car. The stated antique car insurance is based on the value that has been placed on your classic car. The agreed value of the antique car insurance is the amount you and your agent have settled on for the value of your antique car. The agreed value is the preferred choice of most classic car owners.

Be aware that as an antique car owner, you will want to re-value your car on the antique car insurance policy every so often since these vehicles go up in value with time.