Antique Car Insurance Key Points
If you own a classic car, you know you want vintage car insurance, but the insurance needs for your classic car are not the same as for your every day car. For your classic car, you will want specialty insurance. Just as your classic car is different from your daily car, specialty insurance differs from stand insurance in some very important ways.
Antique car insurance is available for a wide variety of collectible cars, from antique autos to restored muscle cars to custom cars. While regular insurance is required for every car on the road, custom cars aren’t required to have to have classic car insurance, even though the car may not be fully covered under a standard policy.
Antique car insurance covers cars that may have gaps in regular car insurance, but not every car that is antique or modified will qualify for specialty insurance. Standard insurance is available for all cars, but cars must meet certain criteria to be covered by specialty insurance. Cars that are over 25 years old used to be considered antique, but that is not the case now. Just because your car is 30 years old doesn’t mean that it will qualify for specialty insurance.
To qualify for classic car insurance a car must have certain notable characteristics. Some of the characteristics are unique body shapes, muscle cars, German sports cars, convertibles and big block V8 engines. To qualify as a “classic car” by law the vehicle must be at least 25 years old. Your local DMV can help you determine your car’s eligibility.
Other vehicles that may qualify for antique car insurance coverage are older trucks, older fire trucks and other commercial vehicles and low rider cars that have been fitted with hydraulic suspension systems. Classic motorcycles like the Indian Chief and the older Harley Davidsons can also be insured with a specialty policy.
Once you have determined that your car qualifies for antique car insurance, there are some limitations and differences from traditional insurance that you should know about. Standard insurance is designed to protect cars that are driven daily and are often put in situations where damage can occur. Antique car insurance often places restrictions on the use of the collectible cars to limit the chance that the car will be damaged.
Many classic car insurance policies restrict daily use of the car. Specialty car insurance policies also usually state that the cars must be garage kept at all times. These measures lower the risk that an expensive classic car will be involved in an accident. These measures help keep premiums for specialty insurance 80% lower than non-specialty insurance premiums.
Another difference between traditional insurance and antique car insurance is the types of policies available. In traditional insurance, vehicles that have been in an accident will either be repaired or will be deemed “totaled” and a check will be issued to the owner for the actual cash value. Specialty car insurance policies can be assigned an “Agreed Value.” An agreed value policy ensures car owners that they will receive a prior agreed upon amount in the event of an accident. An agreed value policy does not depreciate a car’s value in contrast to actual cash value policies and stated value policies.
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