Classic car insurance policies and requirements have changed over the last few years. Because the new models are very high-tech, older cars, usually over 15 years old, now fit into the category previously reserved for vintage cars. These cars are usually in collections and rarely driven, but classic car insurance may cover some cars that are still used regularly. Fewer people are buying new cars in the economic downturn of the last several years, and 50 percent of the cars on the road qualify for classic car insurance. For the owner of an old car, it is worth searching insurance companies online to see if they qualify for the lower premiums.
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When buying insurance for your classic car, there are three things to consider in regards insuring of the vehicle. Actual cash value, stated value and agreed value. Actual cash value is the normal way that insurance companies insure the car; it is based on replacement cost minus depreciation. It is agreed value you are looking for when insuring a classic car. The company insuring the classic car settle on an agreed value with the car owner. A contract is signed with both parties agreeing on the price and then, if the car is stolen or totaled, that price is paid to the owner from the insurance provider. It is important to know that your typical car insurance company might not be the best one to insure your classic car. They sometimes put such restrictions and high prices on their insurance; it is worth your while to look at companies that only insure classic cars.
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How to Buy Modern Classic Car Insurance?
The cars 15 to 25 years old and worth collecting are classified as modern classics. As classics refer to the category for vintage cars, the modern classics is the category for the cars which have the potential to be called the classics. Porsche 944, Ford Escort Mk I/II, Land Rover Series I and Audi Quattro are among the cars categorized as modern classics.
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Ordinary car insurance companies really don’t understand what people in the antique classic car field actually want. They are blinkered by the needs of the day to day car use of Joe public. Everything has to fit into a standard category and car value goes down relentlessly as the years pass by. If you change anything on the car they start licking their lips with the anticipation of a nice fat bonus check.
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It is pretty obvious for people that have classic cars to want to take care of them. That means that your classic car needs to have insurance, and finding the right classic car insurance quote is absolutely imperative. Driving a classic car is very nerve-wrecking, especially whenever you think about all of the psycho drivers on the road nowadays. You want your classic car to stay in perfect condition and that is why finding the right insurance is so important.
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If you’re a classic car owner, you’re probably quite proud of your vehicle. You’ve gone through lot’s of trouble finding, buying, repairing, and restoring your classic car to get it into tip top shape. If you have all this time and money invested into your vehicle, you’re probably thinking about how you can insure and protect it.
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