Classic car insurance is extremely important to have on your classic or collector car. Quite a few classic car owners insure their rides through their current daly driving vehicle insurance agency, believeing there are big discounts to be had with multiple insured cars. Many are under the wrong impression that classic car insurance is highly expensive, but the truth is that it is usually cheaper than going through a typical insurer. Not only is it probably cheaper, but you will be properly insuring your classic or collector car.
Only classic car insurance companies offer “Agreed Value” insurance policies. The only insurance policy to cover a collector car is an “Agreed Value” policy.. Any other insurance type will likely cost you in the unlikely event of a total loss. With an agreed Value policy, you and the insurance company agrees on a value of the car, and you are paid the full amount if the car is totaled out. With other insurance policies, the valued amount can depreciate over time or worse yet, you will be paid the book value of your car. Classic car insurers know the true value of your car, and they know you will drive your collector car safely maybe even safer than your other vehicles so rates are usually low if you have a decent driving record.
Most classic car insurance policies do have limitations you should be aware about. One of the biggest limitations is the mileage. Most policies only allow 250 miles a month or 2500 miles driven a year. For a mall increase in premiums this can sometimes be bumped up to 500/month or 5000/year. Most policies also require the owner to be at least 25 years old, if not 30. A minimum of a 10 year driving record is usually a requirement as well. These are the basics you need to know to properly insure your classic car.
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