The process for insuring a classic car is no different to the way you would insure a regular vehicle. There are however some differences in how classic car insurance works. Read on to make sure you are aware of the differences before you take out insurance on your classic!
What’s different about classic car insurance?
The main difference between insurance for your classic car and regular vehicle insurance is that the insurers always figure on your classic car increasing in value. The insurers have to take that into account in the policies that they offer. If your classic car is worth $30,000 and it’s stolen tomorrow, with specialist insurance you would receive the full amount less any deductible. Compare that to regular vehicle insurance where depreciation in value is taken into account on any insurance pay out.
Are there any limitations in classic car insurance agreements?
It is possible that there will be some particular requirements within your agreement. Most insurers assume that your classic car is something that you drive less frequently than a typical vehicle. Insurance premiums are offered that only allow you to drive up to a certain amount of miles each year. There are a range of distances offered so you can work out with your insurer what the right mileage is for your car.
Classic car insurance normally requires you to have secure and fully enclosed storage. Enclosed storage rules out soft top trailers and open sided storage like carports. You typically need a garage or storage unit to satisfy the insurer that your car is securely parked up.
Other than that, requirements are fairly typical. You will need a minimum of 5 years driving experience and driving violations may result in an insurer refusing you insurance.
Who offers classic car insurance?
Many of the big insurance companies offer this kind of insurance but another place to look for recommendations is on the owners club website for your particular classic car.