If you are a proud owner of an antique car, you must need antique car insurance to protect your beloved vehicle. As an auto lover, you have invested a lot in your car. And you want to have the right insurance coverage to keep your investment safe.
Antique car insurance, also known as classic car insurance is the special insurance dedicated to antique cars. This auto insurance gives unique protection for the unique needs of antique cars and provides specialized coverage. Coverage includes damage and liability protection.
An antique car insurance policy is more than a standard auto policy. Standard car insurance policies do not consider the unique issues that are associated with unique classic cars. With antique car insurance, you can better protect your ride whether you drive it to the classic car show or keep it in the garage.
This auto insurance provides more services and features depending on the worth of your car. Also, the value of typical cars depreciates with time but the antique car's value stays the same or increases with time. In antique car insurance, the insurer and the insured person agree on the value coverage and insurance amount depending on the value of car.
What does Antique Car Insurance Cover?
Antique car insurance provides many of the coverage same as traditional auto coverage. But, regular auto coverage does not provide the protection that the classic or antique car needs. An antique car policy provides liabilities, provides medical coverages like injury or accident. Moreover, this insurance policy reimburses you for your car's value, if it gets damaged.
Antique car insurance provides comprehensive coverages based on the worth of your car. An insurer gives you a quote, makes an agreement with you, and writes up your policy. Furthermore, you can add coverage of roadside assistance. There are some special coverages offered by Antique car insurers.
· Spare Parts Coverage
· Car show medical reimbursement
· Roadside assistance
· Cash settlement option
· Increased Replacement Costs
What Makes a Car Antique?
Your antique car is your pride and joy. But the thing to know is that what makes the car classic or antique in insurance terms? Cars that are 30 years or older can qualify for an antique car insurance policy. New exotic cars, new replica cars, or classic military cars can qualify for antique car insurance.
Cars that are not used for transportation, rather used in exhibitions, car shows, and occasional pleasure come in antique cars. Additionally, your vehicle must be stored in an enclosed structure, out of weather.
Eligibility for Antique Car Insurance
Antique car insurance is not for the cars used on daily basis. Therefore, the insurers of these cars require special information when you apply for the policy. Here are some eligibility factors for antique car insurance. You and your vehicle have to meet all the requirements to qualify for an antique car insurance policy.
· The driver should have a good driving record free of any major accidents
· Have 10 years of driving experience or more
· Proof of having another car for daily transportation
· No teenage driver, be at least 25 years’ old
· The car should be in good condition
· The car must be 25 years’ old
· The vehicle must be stored in an enclosed secure garage
· The car should not be used for racing and daily commuting
· Have limited mileage per year (varies by insurer)
How does Antique Car Insurance differ from Standard Car Insurance?
First and foremost, antique car insurance is cheaper than standard car insurance. Because antique cars are not used regularly. Both insurance policies are different in cost. Full coverage antique car insurance will cost much less than standard insurance. Another major difference between antique car insurance and standard car insurance is the agreed value.
There are usage restrictions, mileage limitations in the former insurance policy than the latter one. Also, vehicle condition is considered in antique car insurance. In some states, an antique car is considered at least 20 years old while in some states of America, the car that is 45 years or older are considered antique.
The Bottom Line
Many auto insurance companies specialize in antique car insurance policies. Whenever you go shopping for auto insurance for your antique car, it is recommended to get quotes from various providers and compare their coverages and rates. Antique car insurance takes unique challenges that antique car owners face (like hard-to-find replacement parts).
On the other hand, regular car insurance is not a good fit according to the value of antique cars. This insurance will protect the beloved investment you made in buying the antique car. Go for the company which offers appropriate insurance coverage. And the company that fully understands the intricacies of antique cars. Antique car insurance will give you the freedom to drive. Also, this insurance covers your antique car if it's stolen.