You’ve had that '60 Ford Thunderbird for a long time. It’s how you take road trips or get around town on days when the weather is good enough to take it out.
A classic car is not like an everyday automobile. That means there may be different elements to consider when getting auto insurance.
Choosing classic car insurance shouldn’t be hard, but here are a few things to consider.
What is a classic car?
Just because a car is old doesn’t make it a classic car. Different elements determine if your car qualifies for classic car insurance.
Many insurance companies define classic cars as collectible cars. Being a collectible car generally means that the car is a vintage model that is desirable (well-maintained). The definition varies. Some insurance companies even place time limits on when a car is classic. A car built in 1970 may qualify as classic, but one built in 1980 may not.
What type of insurance do you need?
Most classic car policies offer some of the same coverage as other auto policies, like bodily injury, liability and property damage coverage.
However, because your car is a classic car, you often use it in unique ways. You take it to auto shows, or only drive it seasonally.
Your auto insurance company may offer special coverage and certain discounts based on your habits. If you only use your car during certain times of the year, you may only need to buy a seasonal car insurance policy. You might also be able to add coverage riders to cover things like the replacement costs of classic parts.
What will I pay for classic car coverage?
Keep in mind that car insurance rates are generally based on depreciating value. The less your car is worth, the lower insurance rate you will generally pay. Age depreciates the value of cars.
However, you may have spent a lot of money restoring your classic car. Your car may be worth much more because of your investments in it. You might wind up paying a higher insurance rate to protect the car based on its value.
Agencies might also set other parameters for the price of coverage. You might have to keep your car parked in a garage or service it regularly to keep your rates.
Here at Voyager Insurance Services, we are ready to help you get the best coverage for your classic car. Call us today at (843) 519-2557 to explore your options.