Your classic car holds exceptional value and memory despite how old it is, and insurance is necessary to protect it for ages. Like SUVs and other regular cars, classic car insurance protects your liability from at-fault accidents and your vehicle from damage or loss resulting from theft, vandalism, and natural disasters. However, unlike other cars, classic cars need special insurance. Do you know why? Let us discuss it.
What Is Classic Car Insurance?
Why Do Classic Cars Need Special Insurance?
Though insuring your car is crucial, determining the type of insurance your car requires matters. This is because the make and model of every car is different, and so do its insurance requirements. For example, a Ford F-150 requires less maintenance than the iconic Chevrolet Corvette or Ford Mustang. This is because older cars are unique in their design and value, so it requires insurance that sufficiently protects their distinctiveness and worth for years.
How a Car Is Declared Classic?
Classic cars are not like other cars. They look peculiar with their unique make and model and classic features. Several cars are considered classic, including military, muscle, antiques, exotics, and modified vehicles.
However, your insurance company plays a vital role in deciding whether a vehicle is a classic car. They donâ€™t simply accept your car as a classic one in a random fashion or as per your statement. They will look for specific features, assess the value of your car, and check its year of making.
While most people think cars manufactured in the 60s to 90s are considered classic cars, age alone does not define a car as classic. So, age doesnâ€™t matter all the time for your vehicle to be eligible for classic car insurance.
What Do You Need to Know When Insuring Your Classic Car?
First, you must find the right insurance agency to insure your classic car. Sometimes, auto insurance companies wonâ€™t be a good choice for insuring classic cars. So, you must shop around for the best deals on classic car insurance.
Insuring classic cars is less expensive compared to insuring other cars. As classic cars are known to be rare and distinct, they are less used and often parked in a garage. If you donâ€™t use a vehicle frequently, the possibility of accidents, theft, and vandalism involving the vehicle is likely less, so the coverage for that vehicle is also less.
Like other cars, classic cars also qualify for discounts in the following circumstances:
- If you have completed a defensive driving program
- If you have a good driving record with no accidents
- If you insure more than one classic car
- If you have several policies with the same provider
- If your classic car features an anti-theft device
The best part of insuring a classic car is that you can file a claim even if your car is totaled. However, choose the right policy that provides extensive coverage, including spare parts and automotive tools coverage, disabled vehicle coverage, cherished salvage coverage, and vehicle under construction coverage. This way, you can drive with peace of mind.
Insure Your Classic Car with CAV Insurance!
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