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Insurance for Classic Cars

By Andrew Jamaz

Republish: EasyPublish™
Published: 27Jul2009
Word count: 440
Viewed: 257 time(s)

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The term "classic car" can mean a lot of different things. Cars made up to 1904 are considered "veteran cars," while the Edwardian period stretches from 1905 to 1918, and the Vintage age lasts from 1919-1930. For the most part, cars are usually called "classics" if they were manufactured at least 25 years ago, but even some relatively recent cars which are thought of as especially rare and collectible are thought of as classics.

For the purposes of insurance and traffic laws, many US states have their own specific rules as to what can be considered a "classic car." In the United States, certain cars from the "muscle car" era are considered classics with a special prestige, while other popular worldwide classics include the original Mini and the original Beetle.

Classic cars often don't have modern safety features, and are thus prone to damage and possibly expensive to insure. They do not have things like seatbelts, crumple zones, airbags, or any type of rollover protection, as these things were mostly added in the time since the generally accepted "classic" period. Despite the fact that it's commonly thought to be expensive, custom car insurance is a must, even for owners who do not intend to drive them on regular roads, because, among other reasons, maintenance and repairs can be surprisingly expensive, meaning that any serious owner should think about having insurance and get several classic auto insurance quotes

When looking at classic car insurance, the owner must think about a number of factors. Issue number one is the valuation of the car. Policies can be sold based on the actual cash value of the car, in which case a book value with depreciation will be paid out by the provider in the event of a claim; then there is the "stated value" policy, which can still depreciate, but is based on the owner's valuation for the car; and agreed value, which might not necessarily depreciate, and depends on a consensus between owner and provider.

Other factors to consider include: whether or not the policy liability covers public events; coverage including events and shows; coverage for damages incurred during restoration; and moveable premiums taking into account mileage, which naturally varies significantly for classic cars from year to year.

Some owners assume that specialist-provided insurance can't help but be especially expensive, but this is not necessarily a correct assumption. Insurers that deal specifically with classic cars are much more likely to understand the aforementioned issues, and thus, ultimately, classic car owners might actually seriously reduce their insurance costs, and end up with a much better policy, from a specialist in classic car insurance.

For more tips about getting classic car insurance, and a free quote, visit the Classic Car Insurance Blog.

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