Classic Car Insurance Policies 101
Posted on: 17 January 2017
Committing to restoring a vintage automobile or custom hotrod will require not only your money but countless hours of dedication as well. When you have a professional classic car restoration shop ensure the vehicle is historically accurate, it becomes a work of art. And like a priceless artifact, your baby needs to be properly insured to protect your investment. Regular automobile insurance won't cover your needs; you will need to consult your insurance agent and ask what specialty products they have that would be right for your situation.
Can Any Car Be Covered Under A Classic Car Insurance Policy?
Every company will differ, of course, but in general, racing cars, homemade cards built from a kit, and cars that have been restored to fifty percent or less don't usually meet the requirements for a classic car policy. Collector cars, which may be brand new or vintage, restoration cars, and antique automobiles are good candidates for this specialized policy.
Does The Vehicle Need To Be A Certain Age To Qualify For A Classic Car Insurance Policy?
Most insurance companies have a minimum 25-years for a car to be considered an antique. For a collector's car, while it can be right off the assembly line, it would need to be a limited edition to qualify. Classic vehicles, for example the popular "muscle" cars, need to be at least 10 years old. Your insurance agent can assess your vehicle to see what it would fall under.
Are There Any Requirements That Need To Be Followed For A Classic Car Insurance Policy?
Most insurance carriers will require you to keep the vehicle stored in closed, locked, secure garage. They may even require that you keep the vehicle in a temperature-controlled indoor facility.
You will also not be able to drive the car over a certain number of miles annually. This is typically only a mere 5,000 miles, but occasionally it may be extended to 10,000 miles annually. This is just enough to enjoy a few pleasure cruises and to participate in car shows if so desired.
What Will A Classic Car Insurance Policy Cover?
Like traditional automobile insurance, a classic car policy will cover any accidents that happen while you're using your vehicle. But a classic car insurance policy will also potentially cover other things like replacement parts, damaged caused while at a trade show, or your vehicle is stolen or damaged beyond restoration.
For more information, contact local professionals like Graveyard Run Restorations.
Share