Your classic car is a source of pride and joy. It's also something you've probably invested both sweat and money into, so you want to protect it properly. But how should you go about doing that?
One of the best ways to protect your classic car is to ensure that it's properly covered by the right insurance: classic car coverage. Haven't heard of this insurance? Here's the lowdown on antique and specialty car insurance.
What Vehicles Are Covered?
The idea of a classic car can be hard to pin down. Classic vehicles come in many shapes and sizes, from truly antique Model Ts to a 1980s-era Porsche 944. Some classics are obvious and some are more subtle. This means that some owners of more modern classic cars may not even realize that their beloved project vehicle even qualifies for special insurance protection.
While automobile clubs may define a classic car as one made before 1948 and an antique car as one that's at least 25 years old, insurance companies have their own definitions. Insurance classifications can also be confusing, so go over all the classification options with your insurance agent.
But don't despair - even a car that's only a decade old may qualify for special insurance rates if it has historical interest, is an exotic vehicle, or is part of a limited edition. In addition to focusing on age as a definition of antique, the uniqueness of a vehicle may make it suitable for a special insurance policy. Unique or important vehicles - such as historical military equipment, kit cars, or antique farm tractors - may qualify.
Have a special trailer with your classic car? It may be covered. Are you into street rods and other modified hot rods? With significant and expensive modifications, these can often be covered under special insurance that protects your hard work put into them.
In short, think not only about the age of a vehicle, but also about what makes it special. As a collector, you are in the best position to determine if your particular vehicle has historical importance or is unique enough that it should be protected separately from your other family cars.
How Is Classic Car Coverage Different?
Classic car coverage is great for a collector because it may be significantly less expensive than standard coverage. The insurance is less expensive because these cars aren't used as daily drivers, they must be better protected than normal (usually garaged), and the driver must qualify with a good driving record.
Depending on the vehicle's classification, you may also be required to show a minimum value for the covered car, maintain it in sound or roadworthy condition, and prove that it meets certain specific criteria for its type of vehicle. The reward for these extra qualifications, though, is more money in your wallet.
Classic coverage also works with the unique valuations of antique cars. Your classic convertible or restored Army jeep isn't just worth what you paid for it - which may have been a real deal if you're into restoration. And it can't easily be valued against others on the road when it's a unique piece of machinery.
So to maintain appropriate coverage, these insurance policies include an agreed-upon value for the covered car. You and the insurer will do research to come up with an acceptable number based on the many factors involved in a collectible item.
What Should You Do Next?
Do you think that your vehicle may qualify for this less expensive and more appropriate insurance coverage? Then talk to the insurance pros at Sachs Walsh Insurance today. We can help you enjoy your collectible vehicles with more peace of mind and less expense.