The Basics of Classic Car Insurance: What You Need to Know

Classic Car Insurance

Auto insurance, or car insurance as some may call it, is insurance coverage that protects you and your car from damage-related claims. However, when it comes to classic cars, your typical car insurance may not provide the best kind of coverage. This article summarizes what you need to know about classic cars and how to insure them.

What Makes a Car Classic?

Classic means typical, so in simple words, classic cars are first-rate prototype cars. Although they may be old, they are not your typical old car. Their kind of old is the auction-worthy kind. The Classic Car Club of America defines classic cars as cars manufactured between 1915 and 1948; they are also termed vintage cars.

For insurance purposes, a car is considered classic when it is above 20 years but less than 40 years old. This means if you have a car that is 20-40 years old, you have a classic car.

How to Get Classic Car Insurance

Classic cars, just like your regular cars, need to be insured to cover any risk that may occur. However, before insuring it, make sure it is in its original state. The design, pattern, and specs should be as it is from the beginning, with no added perks.

If you are sure your car is in its original state, you can then proceed to buy a policy. The process of buying a classic car insurance policy is the same as for your regular car. The policy will have a duration and contain a typical coverage such as:

  • Collision coverage
  • Liability coverage
  • Comprehensive coverage
  • Uninsured/underinsured motorist coverage

You may also need to buy an additional policy as required by your state of residence. After buying the policy, you need to pay a premium (monthly payment) regularly for the duration of your policy to keep it active.

Why Should You Insure a Classic Car?

  • Lower Insurance Cost

There are restrictions put in place for classic cars by the government, such as:

  • When to drive a classic car
  • Where it can be driven
  • The distance to be covered when driving it

These restrictions can help lower your insurance cost. How? Certain factors influence your insurance cost resulting in a higher insurance rate. These factors include:

  • your place of residence
  • number of previous claims
  • kind of car
  • your credit history
  • distance covered while driving

Most of these factors are opposed to the restrictions placed on classic cars and may lower the cost of your insurance.

  • Appreciated Value

Believe it or not, the more the age of your classic car, the more its value appreciates. This reason is enough to make you insure your car. Owning a classic car is like owning a luxury car, and the cost of repair can be alarming. However, with insurance coverage, you need not worry about that.

Where Can You Insure Your Classic Car?

Gee-Schussler Insurance Agency, Orland Park, Illinois, has just the right auto insurance for your classic car. We are committed to helping you protect your car with the right policy at affordable rates. For more professional advice, reach out to us today!