Classic Car Insurance Quotes
When getting classic car insurance quotes, there are several factors you need to keep in mind to make sure you are comparing apples to apples. On the American Classic Car Insurance page, there is a discussion of the major points to consider before getting into the details of the vintage car insurance policy. Briefly, you want to only consider classic car insurance companies that are underwritten by a company with an “A-” or better rating by A.M. Best, and is licensed to do business in your state. You want to make sure you are insuring your classic car for its actual market value, and that your policy is based on an “Agreed Value” for the car. You also want to make sure that the mileage limit on the policy, if any, is not lower than the amount your classic car will be driven in a year.
Once you have all those points covered, it is time to get into the nitty-gritty details!
First, let’s consider the limitations that classic car insurance companies place on their policies. As mentioned above, many policies have mileage limitations. Additionally, they are very selective about who the policy will cover. Most classic car insurance companies will have requirements for a driver’s age and/or years of experience behind the wheel. Some collector auto insurance companies require that the driver be at least 21 years old, and others will have a minimum age of 25 or 26. If you have teenage drivers in your home, your classic car may not be covered if they drive it.
You or your household may not be eligible for specialty vintage car insurance if you have had more than one or two moving violations in the past three to five years. Additionally, more than one or two at-fault accidents will usually disqualify you. Every classic car insurance company is different on these details; make sure when you are getting classic car insurance quotes that you qualify for the program, and disclose any and all moving violations and accidents to the classic car insurance companies.
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Another point to consider here is that most, if not all, classic car insurance companies will not cover any accidents that occur while racing. Many muscle car owners take their car to the drag strip now and again, and classic sports car owners often compete in road races. If you participate in any racing activities, make sure you read the fine print in the policy. You probably don’t want to actually ask the question, as even the suggestion that you may be racing the car might affect your classic car insurance quotes!
Every classic car insurance company I have researched requires that you have a licensed and insured “daily driver” in addition to your classic car. Many muscle car insurance companies require that there be at least one “daily driver” vehicle per driver in your household. In other words, if you are married and have two teenage drivers in your home, you would be required to have at least four other “daily driver” vehicles licensed and insured in addition to your classic car. Make sure that the classic car insurance quotes fit your situation in this regard. You also want to make sure that the liability coverage limits on the classic car insurance quotes match the coverage limits spelled out in your “daily driver” policies.
If your classic car is going to be in a restoration or repair shop at some point, make sure that the car is covered while it is there. Some insurance policies transfer the responsibility to the shop’s insurance carrier if damage occurs while it is in the shop’s possession. Make sure you will receive compensation from YOUR insurance company if damage occurs at a restoration shop, and that the insurance companies will fight it out between themselves.
Speaking of restoration shops, you may be able to get muscle car insurance coverage for your car even while it is undergoing an extensive restoration. The insurance company will likely require that it be an “active” restoration, and that there be a targeted finish date.
If you plan on attending classic car shows with your vehicle, make sure that the policy covers your classic car if damage occurs while at the show. Similar to being at a repair shop, some policies will transfer responsibility to the show organizers if damage occurs on the show premises.
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When obtaining classic car insurance quotes, ask if the policy will cover the cost of original equipment repair parts. Most “normal” insurance policies only provide for “acceptable substitutes”, and will not cover the extra cost of OE repair parts. Along the same vein, make sure that the policy on your classic car insurance quotes include coverage that will allow you to take the car to the repair shop of your choice. Many specialty repair shops charge a premium for their labor because they do superior work. You want to make sure the collector auto insurance policy will cover the extra cost of having your classic car repaired by an expert of your choice.
Be aware of the additional benefits that are provided with the policy. Some classic car insurance quotes will include differing amounts of coverage for spare parts, towing, accessories installed on the vehicle, and windshield repair or replacement. There are different deductible amounts for these items that need to be compared, also. Most classic car insurance companies offer automatic coverage for 30 days after the purchase of an addition to your classic car collection, but the maximum limit for that coverage varies by company.
Lastly, you need to find out what the agency you are getting the classic car insurance quotes from requires from you to help determine the value of your classic car. Different classic car insurance companies will have different requirements, depending on the type of car and the amount you want to insure it for. Some companies will only require one photo for some cars, others may require five or more photos (including one of the garage where you keep it!), and still others will require an expert appraisal if your proposed value exceeds a certain amount. Some classic car insurance companies will only insure a car that has a value of a certain minimum dollar amount ($3000, $5000, $10,000) or more.
Some classic car insurance companies also offer policies for your collection of automobilia and tools. If you have a need for that kind of coverage, you may be able to get that included in your policy.
When comparing classic car insurance quotes, you need to make sure you keep all of the above factors in mind. Insurance is something that you hope you never need, but when and if you do, you need to know what is covered and what is not. Get classic car insurance quotes from several providers before signing on the dotted line to make sure you are getting the policy that suits your particular situation and needs the best.
For a directory of the most popular specialty auto insurance providers, go to Classic Car Insurance Companies.