Are you buying a classic car or antique
Already own a collector
car or classic auto?
Classic car insurance and antique car insurance
policies are specialty insurance policies that offer superior
coverage for your classic car coupled with extremely low insurance
premiums when compared to your standard auto insurance policy.
In fact, standard auto insurance premiums can cost 200%-300%
more than classic car insurance premiums.
Why are premiums for classic car insurance
so low? Insurance companies consider the fact that classic car,
antique car, and collector car owners are safe drivers, treat
their cars gently, keep them securely garaged, and accrue very
little annual mileage.
Why are classic car insurance policies superior?
The answer is simple, better coverage for your vehicle versus
standard auto policies. Standard auto policies insure your car
for actual cash value (replacement cost less depreciation), while
classic car insurance policies offer agreed value (a pre-determined
amount agreed to by both you and the insurer prior to the binding
of coverage) that means your car is fully insured up to this
agreed value in the event of a total loss.
There are many fine companies offering classic
auto insurance. Educate yourself regarding the alternatives available
to you prior to soliciting insurance quotes covering your classic,
collector, antique, muscle, or kit car. Policies vary widely
and you want to ensure that you are quoted the appropriate insurance
coverage so there are no surprises in the event of an insurance
While you gather classic car insurance quotes
consider the following:
- Does the company offer agreed value coverage?
- Does it offer single liability coverage if the policy covers
- What are usage and mileage restrictions?
- How are claims handled? In-house or third party?
- Can I choose my own repair shop?
- What company underwrites the policy and what is the company's
- What discount programs are available?
Keep in mind however, if your car is a daily
driver, is not garaged, is used in racing, rallies, etc., and/or
accrues many annual miles; you are most likely not a candidate
for low cost classic car insurance.