If you are the proud owner of a classic or an antique car, like all other vehicles. You must ensure they are protected with the right insurance coverage. However, auto insurance for classic cars varies from standard auto insurance in value and uniqueness.
This blog discusses the types of vehicles that qualify as classic cars and are eligible for classic car insurance and what you must know about this specialized coverage.
Type of Vehicles That Need Special Insurance
Classic cars include vintage, collector, or antique vehicles whose current value exceeds their original selling price. While the age and other factors that qualify a vehicle as a classic vehicle may vary, they can be broadly classified as:
- At least 25-30 years old
- Customized or modified vehicles such as hot rods
- Muscle cars
- Luxury cars
- Classic trucks
As for classic cars, if you own a classic motorcycle, vintage military vehicle, or antique tractor, you must buy specialized insurance coverage for their comprehensive protection.
Selection Criteria for Classic Car Coverage
While your car’s age may be an important factor for your insurance provider to classify it as a classic car that requires specialized insurance, they may consider other factors too, such as:
- Limited Mileage
Classic cars are not to be used for daily commuting purposes, and the insurance coverage may stipulate mileage limitations to ensure the same. So, your insurer may require you to own another car that you use for your everyday requirements.
- Exhibited in Car Shows and Meetings
The auto insurance for classic car policy includes a limited-use provision that allows you to travel in your vehicle to participate in car shows and auto club meets as a prized exhibit. You may buy added coverage if you plan to travel to such shows frequently.
- Focus on Safe Storage
Storage is an important factor that all insurers note when estimating your classic car’s auto insurance. When not in use, you must ensure that the vehicle is safely stored either in your personal garage or a secure storage facility.
- Traffic Violation Record
You may be denied coverage if your driving record shows several frequent traffic misdemeanors, such as speeding, reckless driving, and DUI.
Things to Know About Classic Car Insurance Coverage
- Your Car’s Value Increases with Age
Unlike standard vehicles, classic cars’ value appreciates with time. You must keep this in mind when you fix its value as part of the process of buying insurance for the car.
- Specialized Repair or Restoration
For repair or replacement work, you need the services of a classic car specialist, which may cost more.
- Special Towing and Spare Parts
Towing off classic cars and getting the right spare parts may be more expensive than a regular vehicle.
Get Specialized Classic Car Protection with Locke Insurance!
If you want specialty auto insurance for your classic car in Florida, contact us today. Our team of experts at Locke Insurance Group looks forward to helping you select the right coverage that guarantees assured security for your prized possession.