If you’re in the market to buy Classic car insurance, you may be wondering what your options are. What you and I see as a classic car, when we look for insurance is, to most car insurance companies, just an old car worth very little.
Just an old Car?
For example, say you have an “old” 1970 Ford Mustang with a sports roof. Your local insurance provider looks in his book and says, you know, that thing’s over 30 years old, so the policy is pretty cheap.
And you’re thinking, great, cheap Classic Car insurance. But what do you get if your car gets into an accident and needs to be repaired? What is their value of your cherry 1970 Mustang Boss 302 to them?
Maybe a couple thousand bucks. Not good. Particularly since even your wheels and tires are worth more than that…
So, what do you do? Find your Classic Car insurance from a company that will cover you on an agreed value. Some will require an appraisal of the market value of your car and some will allow you to specify and agreed value. The amount can be of your choosing, so long as you agree to pay a premium based on that dollar amount.
How often do you drive your car?
If you only drive your classic car occasionally, you may be able to reap the benefits of short term insurance. In the past, I’ve used day plates ( one or more day’s insurance coverage only) to drive vintage cars I’ve owned, If I only ran them a few days a year. In my area, the maximum number of days that made sense was 10 days a year. If I’d planned to run the car more than that, I found other alternatives.
Collision and Comprehensive Insurance
If your classic car is involved in a collision, and you’ve settled on the agreed value of insurance, then an accident will be a lot less traumatic. Before that happens, however, its important to figure out the right deductible for you. While cheap Car insurance is the goal, you’ll need to weight the risk and the benefits.