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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Owning a classic car is a source of pride for its owner. It is a lot of fun to show off one’s car to friends and strangers alike. Whether your classic or collector’s car spends most of its time on the road, on display, or under cover in the garage, just knowing that it is nearby can be a great source of comfort.
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