If you have a classic car, chances are you’ve said a couple of times in your life: “I love my car!” And compared to your regular car, you probably take extra precautions with your classic car. Your classic car is certainly not for your everyday commute or a long road trip. If you have a classic or antique car in pristine condition, then you would have either spent thousands of dollars and/or countless hours of work. This is a piece of engineering that takes you back to the golden days. No matter what kind of classic you have in your hands, there is no better way to protect it from harm than with classic car insurance.
What is Classic Car Insurance?
What is classic car insurance? And how is it different from regular car insurance? The main differences that can be found between car insurance and classic car insurance are how the car is used and the qualifications that make a car a classic. As for what this type of insurance can cover, there are several types of classic car insurance, but the basic coverage you can expect is:
- Bodily injury liability
- Collision insurance
- Medical payments
- Property damage liability
- Comprehensive insurance
- Underinsured motorist coverage
- Uninsured motorist coverage
Classic Car Insurance Coverage
Classic car insurance is mostly the same as regular car insurance, aside from the additional coverage options and conditions. Some of these differences come in the form of spare parts coverage, agreed value coverage, tiered mileage plans, and automobile memorabilia. Such memorabilia can include historically relevant items, license plates, hood ornaments, and any other item that can be considered a prized aspect of a classic.
Here is a quick explanation of what some of the most commonly added coverages included in classic car insurance do for your car:
- Worldwide coverage: While your typical car insurance policy only provides coverage within the confines of your country (unless otherwise specified), it is possible to get coverage in other countries as well. If you are looking forward to taking your classic out of the country for an event, then having worldwide coverage will ensure your car is protected.
- Agreed value: While normally, cars are considered to be a depreciating asset that loses value over time, a classic or antique car will not. Classic cars will either maintain their value as time passes, or even gain value. What agreed value coverage does is, in the case that your car faces physical damage, payout what the value of your car was when you first signed your policy.
- Tiered mileage plans: Most of the time, your classic car won’t be your everyday drive, and because of that, you can get an overall lower fee for coverage. This particular plan restricts the miles you can drive on your antique, and in exchange allows you to forgo a deductible along with the better rate. You can naturally work with this plan by changing the number of miles you wish to drive in exchange for a higher or lower cost.
Costs of Classic Car Insurance
Classic car insurance is, fortunately, comparatively much more financially accessible than typical car insurance. You can expect to pay roughly $200 to $600 annually for this coverage, though this largely depends on the classic car you wish to insure. The reason for this difference is that insurance companies will expect your car to see infrequent use, be well looked after, and be overall better protected than a normal car. All these factors make it less likely that a classic car owner will file a claim.
If you care for your classic car and are looking for the best way to protect it, then there is no better and cheaper alternative than classic car insurance. You should be mindful that your car meets the qualifications to be considered a classic car, but overall, there should be nothing stopping you from reaching out for a quote.