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Published On: Thu, Aug 23rd, 2018

How much classic car insurance costs?

Do you have a classic or vintage car you want to insure? Are you looking for the best classic car insurance quote for your special vintage car? Then there is good news. You are more likely gong to spend less to insure a classic car than you would when insuring a normal car. So let’s get started with the right information you need about cost and policy options for your classic car insurance.

Find out the category of your classic car

Most people don’t know the differences between classic car, vintage car, and antique car. There are differences between these older car models. There differences lie in the year of their manufacture. Vintage cars are the oldest and usually referred to cars manufactured in the 1920s and 1930s. On the other hand, antique cars are 40 to 45 years old, while classic is a name used to describe cars that are about 20 to 25 years old. So you have to determine the category of your car before considering an insurance coverage.

Classic car insurance coverage options

Insurance companies have different coverage available for classic cars. Some include more options why some others have certain limitations on the policy. To give you a clear picture iof what you should be expecting, below are coverage options you are likely going to see.

Theft coverage: Some insurance companies like American Insurance provide classic car coverage in case of theft. If your classic car was stolen and returned but it came with some damages, the insurance company shall fix the damaged parts for you.

Food or storm damage: This coverage is not provided by all insurers. Those who provide the coverage will indemnify you whenever a storm or flood causes damage to your classic car.

Accessories coverage: This provides cover to the accessories that have been fitted to the car. Events like accidental damage, vandalism, theft, storm, flood, or fire can cause damage to your car. An insurance company like American Insurance will provide all these clauses in their classic car insurance policy.

Accidental damage: If your car suffers an accident, the insurance company shall pay for damage or reimburse you to the value of the car if it damages beyond repair.

Emergency repairs: Insurance companies also cover emergency repairs for your classic car. However, the specific amount will depend on a lot of factors and how much repairs need to be done.

Additional features: towing cost, storage cost, and legal representation cost may be included in the coverage, although this depends on the type of insurance company.

The above are some of the areas an insurance company such as American Insurance can provide coverage for your classic car. Before signing or agreeing to any policy, you need to look at all the clauses in the contract. If you have any question, ask to get clarifications.

Factors that may hinder your car’s chances of coverage

There are several reasons your car may not be insured, and it’s important to find out all the restrictions and guidelines guiding classic car insurance in your state before visiting an insurer. The following are some exclusion you may find with some insurance companies when insuring your classic car.

  • Damage as a result of your negligence to your car’s safety when it is stolen or breaks down
  • Escape or discharge of any contaminant or pollutant from your car
  • Any act of terrorism
  • Damage as a result of civil unrest, riot, or war
  • Damage as a result of legal seizure of the insured car
  • Damage or lose caused knowingly by you or by someone who acted in your consent
  • Replacing coded keypads or locked barrels
  • Wear and tear, corrosion, rust, or depreciation
  • Repairs done on older damage
  • Electrical, structural, or mechanical failures
  • Damage as a result of cuts, punctures, or braking
  • Damage or loss that happened outside the state

Some insurance companies may have more or less of the exclusions above. So it’s important to find out exactly what your insurer covers and what is excluded in the classic car insurance coverage.

About the Author:

Rupesh Singh is freelance writer and founder of moneyoutline.com You can follow him on Google + & Facebook.

About the Author

- Rupesh Singh is freelance writer and founder of moneyoutline.com You can follow him on Google + & Facebook.

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