Insurance is an essential component of protecting your rare and valuable vehicle. That’s why owners of classic or collector’s cars must have the proper coverage in place, which ensures their vehicles are protected in case of an accident or other damages. Because classic cars are more specialized than the average vehicle, below are some answers to common questions about insuring them.
Classic Car Insurance FAQ
What Is a Classic or Collector Car?
While the specific definition may vary from company to company, cars at least 10 years old may be considered classics while collector cars are those that are at least 25 years old. Additionally, a vehicle that is at least 50 years old could be considered an antique.
How Much Does It Cost to Insure a Classic Car?
Unlike standard auto insurance, classic car policies are often extremely affordable. This is because you’ll be driving these vehicles a lot less, which means they face a lower risk of an accident when compared to your daily driver. This often results in a less expensive deductible, although premiums are usually priced similarly.
What Are My Obligations?
Your insurance company might restrict the number of miles you drive your classic vehicle during the year. You’ll also need to show that you have a good driving record, that your vehicle is stored in a garage, and that you have another vehicle for daily chores and tasks. Make sure you understand what is expected of you, so you don’t inadvertently void your policy.
How Are Classic Cars Valued?
To get an accurate estimate of the value of your vehicle, it will likely need to be appraised by a professional. This establishes a guaranteed value that both you and the insurance company agree on before entering into a contract. Depreciation usually isn’t a factor since most well-maintained classic and collector’s cars increase in value over time.
When protecting your classic car, leave it to the professionals at Hummel & Plum Insurance Agency, Inc. Located in Chillicothe, OH, these insurance providers offer more than a century of experience, during which time they’ve helped their clients protect their most precious assets. Along with classic car coverage, they also offer standard auto policies, life insurance, coverage for small businesses, flood protection, and many other products. Call (740) 773-1620 to schedule a consultation with an agent, and visit the website to get started on your personalized insurance quote.