Classic Car Insurance vs. Regular Car Insurance

Classic Car

Purchasing car insurance can be an overwhelming process. You want to make sure that you buy the best coverage options for you and your vehicle. It’s beneficial to do your research on what the best coverage options are for your specific needs.

Every car insurance plan differs regarding the vehicle. If you’re interested in purchasing a classic car, you’ll need to look into buying a classic car insurance plan.

What’s the difference, and does it matter?

So what’s the difference between classic car and regular car insurance? There are several factors that you’ll need to consider when you’re purchasing insurance for your classic car.

The following are some of the key differences between the two:

  • Insurance Cost — Believe it or not, classic car insurance is cheaper than regular car insurance. In most cases this because you’re not regularly driving the vehicle.
  • Vehicle Value — Most classic cars are worth a lot more now than when they were originally on the market. If your vehicle is totaled in an accident, and you have classic car insurance, you should receive what the car is currently worth. With a regular car insurance plan you may not get the current value back.
  • Coverage Amount — With classic car insurance, you may need to adjust the coverage amount more often than with regular car insurance because the value may increase or decrease. This depends on several factors, such as if you plan to restore the vehicle.

How do you qualify for classic car insurance?

Do you have an antique car and are wondering if you can qualify for classic car insurance? If your car is 25 years or older you may be eligible for classic car insurance. However, in order to obtain the insurance you may need to provide some additional information to the insurance company.

Some additional information may include:

  • Your current accident free driving record
  • Proof that you own another car for daily transportation
  • Agreement and proof that you’ll put less than 5,000 miles onto your classic car annually
  • Secure storage, such as a garage, where the vehicle is kept

We’re here to serve you!

Not all collector cars are the same, so Advisor Insurance Agency LLC can work with you to determine the right amount of coverage to meet your specific needs.

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Posted on: June 24th, 2015 at 6:27pm by kreisner. Filed under: Classic Car Insurance
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