Insuring a classic car is just as important as insuring the car you drive each day, but the type of insurance you need is slightly different. Most insurance companies offer coverage for classic cars, but they use different standards when determining a quote for coverage. Here are several important things to understand about car insurance for your classic car:
Most insurance companies classify cars by age
One of the first things an insurance company might ask you is the age of the car. Most insurance companies have several types of classic car insurance, and they typically classify these by the age of a vehicle. For example, if your car is 19 to 24 years old, it might be placed in a different category than a car that is 25 years old or older. Cars that are this old typically qualify for antique car insurance, which is slightly different than classic car insurance.
The cost is typically lower than regular auto insurance
One important thing to know is that classic car insurance typically costs less than the insurance you have on the car you drive daily, and there are several reasons for this. One reason is that people typically drive classic cars less frequently, so this reduces the risk of an accident happening. In addition, people are typically safer drivers when driving classic cars, so this too lowers the risk of an accident occurring.
In most cases, people pay 20% to 40% less for premiums on classic car policies compared to regular auto insurance policies. This varies, though, by insurance company, type of car, and age of the vehicle.
There may be certain conditions and rules
You should also know that to qualify for classic car insurance, you may have to meet some conditions and agree to some rules. For example, most insurance companies have maximum mileage requirements for classic cars. You might only be allowed to drive the car a certain number of miles per year. This could be 10,000 miles, or it could be less.
You might also be required to keep the car parked inside a garage in order to qualify for coverage.
If you recently purchased a classic car and want to begin driving it, contact an auto insurance company to get the car insured before you take it out on the roads. You can get a free quote by contacting an auto insurance company of your choice. Contact a company like Nelson Insurance Agency for more information and assistance.