Classic Car Insurance | Vintage Car Insurance

Classic cars have been a favorite collector’s item even before. There are a lot of car enthusiasts that are spending a lot of money just to acquire certain vintage models of cars that they really like. Restorations and maintenance are the main things these collectors initially invest in. But after the restorations and everything is running smoothly, insurance then is the next thing that should be taken care of.

Car insurance applies to all moving vehicles whether classic, regular of specialized. This will ensure that the driver, the passengers and third parties are covered in case of any unfortunate eventualities. But just like any insurance, there are a lot of questions involve and a lot understanding should be given to the fine print of the contract.

Let us take a look at some of the important things that an owner of classic cars should know about insuring their valuable collections.

Specialty car insurance versus Regular Car Insurance

A lot of classic cars on the road today are still insured through regular insurance because they are more popular than the specialty insurances. Insuring classic cars through regular insurance means higher premiums than the specialty insurance. In fact, regular insurance cost 500% more than the premiums of specialty car insurances and added coverage and features are still not available through the regular insurance program.

What are considered to be classic or collectible cars?
Because of the broadening market for classic and collectible cars, it is now hard to determine which ones will fall under the category of classic car insurance. There is still the category of antiques and classic, old Chevy’s and Jaguar’s but there is also what is known now as hot rods and muscle cars that also fall under the category of collectible vehicles.

There is also the question of the age of the car before it can be considered classic. Twenty-five years is the classification before but it is always best to inquire to check if your car is considered classic and can be insured through the specialty insurance program.

Limitations on the Usage of Classic Cars

It is true that there are limitations in the use of classic cars. Specialty car insurances limit the use of these collectible cars for purposes of safety and other issues. Racing and public transport of goods and passengers are two of the most important limitations as well as using the vehicle for daily transportation.

These are just some of the important details that have to be addressed if you are a classic car collector or planning to be one. It is always good to have information available in order for you to protect your valuable collection and to protect lives as well.