How to Get a Great Deal on Antique Car Insurance in the USA
Obtaining car insurance for a classic or antique collector's car
is nothing like buying car insurance for a regular, every day car.
The insurance policies which are offered for antique cars are a
lot different than the auto insurance which is offered for current
make and model vehicles which are meant to be driven often. There
are a few things that you should know as the driver of an antique
or classic car, in order to make sure that you obtain the right
kind of automobile insurance and for the right price.
One of the first things that you should know about antique car
insurance in the US is that there is a limit on how old your car
must be, in order to qualify for the insurance plans which are
offered for classic cars. This age limit is typically fifteen years,
but may be different depending on the laws that are offered by
your state. You should also be aware of the fact that in order
to qualify for antique car insurance, you must have a regular vehicle
which you use as your main source of transportation, in addition
to a garage which you can use to store your antique vehicle in.
The requirements for antique car insurance in the US may be a
little tough, but it is absolutely imperative that you find a classic
car insurance policy for your vehicle, because the types of coverage
that are offered for these vehicles are designed in order to protect
you from completely losing out on your entire investment. Because
traditional car insurance policies pay out the actual cash value
of the vehicle when it is totaled, your car will be worth very
little thanks to depreciation. Traditional car insurance policies
are a poor choice for owners of antique cars, because they do not
incorporate in the cost of appreciation that comes along with a
collector's item vehicle. The other main form of traditional car
insurance covers whatever the stated value of the vehicle is. What
this means is that the insurance company will pay out what the
vehicle is stated to be worth if it is totaled in an accident.
What sets "collector's policies",
or car insurance policies for classic, antique and collector's
item vehicles apart from typical car insurance is that the coverage
offered caters to vehicles which have appreciated in price rather
than depreciating as a normal car eventually will. Traditional
car insurance typically only pays the actual cash value of the
vehicle in question, which is what it will cost to replace the
car, minus the amount of depreciation. Antique car insurance,
on the other hand, pays out for the agreed upon value of the
car. What this means, is that you will have to sit down with
your insurance provider and agree upon how much the vehicle is
worth. This way, if the vehicle is ever totaled, you will receive
the full value of the vehicle as a collector's item, rather than
simply as a vehicle which has depreciated over the years. Another
factor worth mentioning is that because classic cars are not
typically driven as often as regular cars, antique car insurance
is typically a lot less per month than what you will pay for
traditional car insurance. What this means, is that antique car
insurance is a win-win situation for any car collector.
Shopping around for antique car insurance quotes is just like
shopping around for quotes for any kind of automobile insurance.
Once you know that your vehicle qualifies for antique car insurance,
you can begin to look for automobile insurance providers who offer
this special type of coverage. Not all insurance providers can
properly insure your classic automobile, so it is important that
you shop around. Additionally, just like with any automobile insurance
quote, it is imperative that you shop around in order to obtain
the best possible price for your car insurance premiums. Antique
car insurance may be cheaper in general than what you will pay
for traditional car insurance, but this does not mean you can still
find cheaper rates if you know where to shop around. You must make
sure when applying for antique car insurance that you qualify,
otherwise there is no point in wasting your time looking for quotes.
The following are the criteria associated with classic car insurance:
You must have a minimum number of years of driving experience
under your belt. What this means is that young drivers will have
difficulty obtaining classic car insurance policies.
You must not be using your classic car for any form of business
purposes. If your classic car is used for business practices
of any kind, you will not qualify for classic car insurance.
You must have a garage that can be used to store your classic
car in. If you do not have a safe place to store your vehicle,
you will not qualify for classic car insurance.
You must be able to prove that you have another car which is
used regularly. If your classic car is your primary car, you
will likely not be approved for antique car insurance.
Most insurance companies have a maximum number of miles which
you can drive the vehicle for every year. You cannot drive the
vehicle over this limit.
The vehicle must be a specific number of years old. The typical
limit is fifteen years. What this means is that if your vehicle
is not fifteen years old, it will not qualify as a classic or
If you are driving a vehicle which is at least fifteen years old
and would like to insure it, your best bet is antique car insurance.
Antique car insurance policies will help to ensure that you receive
a fair market value for your vehicle if it is ever totaled. If you
want to avoid losing your hard earned investment in the event that
your classic car is totaled, antique car insurance is the only option
worth your consideration.