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How do I get auto insurance for my classic car?

Classic red car
Here's what you need to know...
  • If you want to get special classic car insurance for your vehicle, it should not be driven on a daily basis
  • There are some recommended liability limits to consider when determining how much insurance you should purchase
  • You should compare prices; make sure all the criteria is the same in each comparison so your quotes are truly comparable

Classic cars are enjoyable hobbies for many individuals. Purchasing insurance on the vehicles is relatively easy — as long as you stick to the rules.

Usually, classic cars are not driven on a daily basis. The extent of their mileage is to attend classic car exhibitions and shows, or perhaps to drive on a perfect summer day with no chance of storms or hail to damage the car.

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Rules for Insuring Classic Cars

A binder labeled

  • Valuation agreed between the purchaser and the insurance company—usually based upon a professional appraisal.
  • Vehicle is not driven on a daily basis, i.e. commuting, running errands, or other daily use.
  • Drivers duly licensed with the state.
  • Few violations on the driver’s record.
  • A vehicle other than the classic car should be provided for other drivers of the household.
  • Storage in an approved garage, barn, or enclosed structure.
  • Physical damage insurance is required.

Suggested Insurance for Classic Cars

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Because, even though the vehicle is a specially valued car, you plan to drive it occasionally, you must comply with the laws in your state for basic liability to be sure that it is legal to drive the vehicle on public roads.

Recommended limits may be found on your state’s insurance website or you may follow these recommendations:

  • Bodily injury liability – $100,000 per person/$300,000 per accident to defray your liability to others in an accident.
  • Property damage liability – $50,000 per accident to cover your liability for damage to others’ property. You may wish to purchase more than this considering the risks of driving around other classic cars.
  • Medical payments coverage – $10,000 to help pay the costs of medical treatment for you and your family in an accident.
  • Uninsured or underinsured motorists coverage – $100,000 per person/$300,000 per accident in the event that someone without insurance or with little insurance is in an accident with you.
  • Comprehensive insurance coverage – to pay for damage to the automobile itself in the event of fire, vandalism, theft, animal damage, windstorm, flood, and hail or other such incidents.
  • Collision insurance coverage – to pay for damage to the auto itself in the case of collision with another automobile or fixed property.

A deductible on comprehensive and collision coverage will be required, based upon the valuation of the automobile and your needs.

This deductible is usually modified somewhat to consider the possibility of salvage to parts and the automobile. Consult with your insurance agent for details on this.

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Availability of Classic Car Insurance

Many companies will sell you classic car insurance. Consult the Internet by using a search engine and entering the term, “classic car insurance,” in the search field.

You will find a plethora of insurance companies to sell you this type of insurance. Note that, in most search engines, the top five to eight entries are paid advertisements for this type of insurance. This is not necessarily a bad thing, but you should be aware of this.

Shopping for Classic Car Insurance

In any situation, comparison pricing can save you money on insurance. Obtain estimates of the cost of insurance-called quotes-by providing the following information to each company you approach:

  • Limits of liability you want
  • Physical damage coverage desired, including the appraised valuation of the vehicle
  • Drivers’ names, license numbers, and addresses for all drivers in the household-and pertinent driving records
  • Source (company or agency) where you purchase primary insurance for automobiles driven daily
  • Deductible you want on physical damage

If modifications in the vehicle have been made, be certain to disclose these to the insurance company because some modifications can invalidate your insurance.

Be prepared to answer questions about the restoration of the vehicle you wish to insure; when it will be used; and where it is stored.

Be a Wise Consumer

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Obtain at least three separate quotations from insurance companies for your needs, just as you do with your ordinary insurance. Investigate the legitimacy of the insurance company by consulting the following:

  • Your state’s insurance website – they keep track of companies licensed to sell insurance in your state. Ask them directly if you cannot find an insurance company listed.
  • For claims and rating information, consult the NAIC
  • To determine solvency of the insurance company, consult A. M. Best ratings
  • Look at the ratings for the company on the Standard and Poor’s website to verify

Compare quotations carefully to make certain that they are discussing the same type of insurance.

You may wish to consider such things as breakdown coverage that includes sending a flatbed carrier to the place your car is located. This prevents damage to valuable vehicles from towing incidents.

Once you receive the policy, read it carefully so you understand what is and is not covered under the policy. Classic car insurance can be used to the advantage of fraud artists, so be cautious.

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