4 Important Things To Know About Insuring Your Classic Car
If you own a classic car, it makes sense to protect it with insurance coverage. However, the way insurance works for a classic car isn't always how it will work with regular car insurance. Different insurers go about the process in completely different ways. Here are a few things you should know before you attempt to insure your classic automobile.
1. Insurance Companies Don't All Define Classic the Same Way
Auto insurance companies don't all have the same criteria for classic cars. You may think you own a classic vehicle, but not all insurance companies will agree with you. In some cases, the word classic can become a nebulous term.
For insurance companies, classic typically means the car has a monetary value that goes beyond or doesn't line up with its market value. When seeking auto insurance for your classic car, first make sure the insurance company's definition of classic car lines up with your vehicle.
2. Insurance Companies May Use Different Terms for Classic
Another thing to look out for is which terms an insurance company can use for classic cars. For example, depending on internal criteria, the insurance company may consider your car as:
- Classic
- Vintage
- Exotic
- Antique
- Collectible
Some insurers may group all these types into one category while another company may have separate criteria for each type.
3. Insurance Companies Have Some Common Criteria for Establishing Classic Status
True, insurance companies can vary, but some criteria for establishing a car's classic status does turn up often. A lot of that criteria will have to do with your use of the car as much as the details of the car itself.
Some of the criteria for establishing your car as a classic to insurers can include:
- The age of the car
- Whether the car goes to shows or sits on display
- How often you personally use the car
- The condition of the car
- How much you spend to maintain the car
- How you protect the car
These things can all play a role in what kind of coverage the insurance company will offer.
4. Insurance Companies May Have Special Packages for Classic Cars
Many car insurance services have packages specifically designed for classic cars. If your car fits their criteria, you can usually enjoy the type of coverage available to all cars. The difference is, that coverage will have consideration for the extra value and possible risks that come with your car's classic status.
When speaking with an auto insurance company, make sure you let them know you consider your car a classic. Classic cars deserve special insurance considerations, and a professional auto insurance company may just have coverage options that will work for you.