Insurance Facts

Owning a classic car may require you to purchase a special type of classic car insurance. Classic car insurance is not a standard type of coverage and has special protections for your investment|This specific type of coverage will give you special protections not available in standard car insurance. Nevertheless, before a policy can be written, your automobile muct qualify under the providers classic car insurance requirements. Compare auto insurance orlando Quotes for Free.

In most cases, a classic car, as defined by the insurance industry is one that is more than 15 years old. In some States, a more broad definition of a classic car is used, be sure to check your state definition to ensure your car is indeed a classic.

The insurance companies have stricter requirements on classic car insurance than they do on regular vehicle coverage. In addition to the age of the vehicle, insurance companies will require several other conditions to be met. Those conditions will be a limit on the number of miles driven in a year, keeping the car securely stored when not in use, and limitations on the age of the driver and their driving experience and record. Furthermore, the insurer will want to set an ‘agreed upon’ value for the vehicle .

State laws, although they vary, allows a negotiation between an insurance provider and insured to agree on the value of the classic car when the policy is written. The insurance company and you will set a value on the classic car that will become part of the policy. This agreed value is the monetary amount that the classic car insurance will cover in case of total loss. This protects you from receiving a nominal amount as in the case of a regular policy which will use fair market value to pay for total loss. Receive competing auto insurance san diego Quotes Today.

As for the age of the driver, most providers require a driver to be at least 25 and have at least 9 years driving experience. A mandatory requirement as well is a DMV report before the classic car insurance is issued.

Mileage is another concern of the insurer, this number may vary from one company to the next, but generally it is around 5000 miles annually. Some providers will allow you to choose a lower annual mileage, which may lower your monthly premiums. In many cases the insurer will not restrict your use of the car to drive to car clubs, classic car events or car shows, they will restrict your use for commercial purposes or daily commuting. Get your free auto insurance california Quote Today.

Finding suitable classic car insurance is best handled by using a company that specializes in such insurance. Generally you will receive a better rate and the company will have a better understanding of your needs as well.