Auto Insurance Tips for Classic Car Owners
If you own a classic car, you’ve probably invested not only your money, but also your heart and soul in it. You may have owned it for decades and lovingly kept it in mint condition. Or perhaps you took a car someone else might have junked and restored it to its glory days. If you bought your classic car in restored condition, you picked it because it has a special meaning for you. Whatever way you you got your classic car, you take special care of it and you’ll need a special auto insurance policy for it, too. Here are some tips for buying auto insurance that will make sure your classic car is fully covered.
Get Agreed-Value Insurance
The insurance for your classic car should reflect the fact that it is likely to appreciate in value, unlike regular cars that depreciate. That is why the vehicle valuation policy of the auto insurance is so important. You will want to be sure that the insurer provides an Agreed-Value guarantee which is very specific about the car’s value. With a Stated Value policy, the insurer has more flexibility in interpreting the value of the car.
Insure Your Car While Restoring
If you are in the process of restoring your car, you will need to insure it even if you are not driving it and it is stored in a locked garage. There could be a fire, for example, that damaged the car in the garage. You will probably need to find a special policy for this situation, as regular insurance is unlikely to provide the coverage you need.
Ask about Any Restrictions on Repairs
Be sure that the auto insurance allows enough flexibility for choosing where repairs would be made so that you can get someone with the right expertise. Some insurers do have networks of parts suppliers and other resources that may be helpful, but be sure that use of networks is optional. If you know that the only garage that can repair your car properly is a long distance from your residence or out of state, be sure to check on the insurers’ policies.
Get a Policy that Reflects Your Mileage
You probably don’t drive your classic car everyday, so be sure that you are not paying for that kind of coverage. You may only drive your car to auto shows or in parades or you may drive on a more regular basis. Some insurers provide coverage for as little as 1,000 miles, but be careful not to underestimate your mileage. It’s better to get a policy that will allow you to rollover unused mileage into the next policy term.
Check Policy Requirements for Garage
Your policy is probably going to require that you have a completely enclosed garage that is locked for storing your classic car when you are not using it. If you don’t have what your policy requires, you are taking a big risk.
Decide Whether You Want Roadside Assistance
Check whether or not the insurer provides roadside assistance and decide whether or not you want to pay for it.
Finding the Best Insurance for Your Classic Car
It can be very difficult to compare the insurance policies that different insurers offer for classic cars. The Free Auto Insurance Rate Finder tool at the top of the page will make sure you get the best coverage possible for your classic car.