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How to Get Cheap Classic Car Insurance?

February 20, 2012 by


Most classic car enthusiasts spend years finding for the right car, weeks or months refurbishing it, and thousands of money keeping it looking clean and fresh. To keep that investment, it’s imperative to acquire insurance; but not just regular classic car insurance will do. Knowing the kind of insurance suitable for vintage vehicles is imperative if you want to become a knowledgeable buyer of security for a treasure on wheels.

Classic automobile insurance are different from the regular car insurance in that it is geared to the security of older, typically more expensive vehicles that are preserved and driven as a hobby, and not as primary or secondary means of transportation. Occasionally, classic automobile insurance is also known as collector car insurance.

Most people who acquire automobile insurance believe that a vehicle that is driven less is cheaper to indemnify, but this is a fallacy. Automobiles that are driven just for fun are frequently more expensive to indemnify than automobiles used for daily transportation. Moreover, the regular car insurance policy is not enough to replace or repair expensive antique, vintage or classic cars, and so creates a poor fit with a hobbyist or collector’s needs.

Three kinds of cars can be covered under classic automobile insurance: antique, classic and vintage. Antique cars are usually defined as a vehicle over 45 years of age; although any car above 25 years old is officially considered “antique,” the term is typically intended for automobiles made in the year 1920s or 1930s. Classic cars are those cars over 15 years of age and having a price in excess of 15,000 pounds sterling. A vintage car is typically only a few decades old such as a 1981 Ferrari 308.

Classic automobile insurance normally provides more protection than regular automobile insurance, only because classic automobiles need parts that can be expensive and rare. Moreover, since the car is typically taken out only rarely, its insurance has unique price reductions for long period of inactivity that regular automobile insurance policies don’t provide for.

Cost should only be a minor consideration to the buyer of classic automobile insurance. Of the greatest importance are the excellence of the service and the stipulations of the coverage. In addition, the buyer should be cautious of the “Agreed Price Valuation” phrase, which is considered in the event that the vehicle is completely wrecked or stolen. This phrase may arise far less than the real value of the automobile, so you need to read it carefully. It is also imperative to talk with the agents of the insurance company. They can give you basic information on how to get cheap classic car insurance.

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