Insuring Your Classic Car

Owners of classic cars take great pride in their magnificent automobiles. Having the right car insurance is imperative to protect their valuable investment. Many classic car owners may not know exactly what type of car insurance will best protect their car in the event of unexpected damage or theft.

If you are planning on purchasing insurance for a classic car or you want to know if you have the right insurance, it is important to be aware of the various features of classic car insurance. In most cases, to qualify for classic car insurance the vehicle needs to be a certain age or older, may only be driven 2,500 miles a year or less,  cannot be used for commercial activities, and may only be driven for certain activities.

Some insurance companies offer Stated Value policies for classic cars. This allows the owner to have a ‘state’ value that is more than the depreciated book value. It is important to note that Stated Value can still depreciate cars because the policies usually require the insurance company to only pay the ‘stated’ amount. It is the Agreed Value insurance policy that guarantees a classic car owner will be reimbursed the full amount if there is a total loss.

There are a number of ways you can purchase cheap car insurance for a classic car. For instance, you do not need a complete insurance package for a car that you are not taking on the road. If you are just using you classic car to display at auto shows, you can save money by choosing an insurance policy with minimal coverage.

When considering what insurance policy and company you should choose, make sure you receive several insurance quotes from different companies. Some car insurance companies have a free online quote service specifically for classic cars. It is also important to acquire an agent who is familiar with your classic car. A knowledgeable agent will know the best rates and type of coverage that will meet all of your needs.

If you own a classic car, you know the care that goes into keeping it in pristine condition. Do not put the car at risk by purchasing inadequate insurance and make sure you receive the best insurance quotes available. Insuring a classic car does not have to be a difficult or expensive. A little research and knowing what your car will be used for will go a long way in obtaining very cheap insurance that provides the coverage necessary to protect your stunning piece of history.

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