How Much Is Classic Car Insurance?
When a classic car glides past, time itself seems to slow down, encapsulating that one perfect moment. The long, sleek hood, graceful curves, handcrafted leather and solid metal parts dripping in mirror-polished chrome signal a genuine work of art to even the most casual observer.
Then it slowly rolls by, scarves and hats waving. Spokes and headlights gleam with an assured air of self-confidence as it suddenly fades away, engine burbling a magic tone. Once it’s gone, the world of busy noise returns with a sense of loss and you simply must find another. Maybe you’d like to make one of these collector machines your very own.
What Makes A Car A Classic
The Oxford English Dictionary defines a classic as a perfect example of its type. Classic cars were made between 1915 and 1948, usually at the high end of the market, made in limited numbers and are “fine” or “distinctive” examples of their type, according to the Classic Car Club of America or CCCA.
This isn’t the only definition for such a vehicle and other clubs as well as insurers and car enthusiasts often have their own definitions. However, the CCCA should be considered an authority as one of the oldest and most popular clubs for classics.
Most of the cars on the CCCA list of approved classics are familiar models to fans of historic automobiles, including undisputed masterpieces like the 1930 Cadillac V16, every single Duesenberg that rolled out of Auburn and naturally, every Rolls-Royce and Bentley built between 1915 and 1948.
However, there are more than a few beauties approved that might seem surprisingly ordinary to the very same enthusiasts. The list includes many Buicks, Chryslers and Studebakers, proving that not everyone needs to be an oil tycoon to own a genuine classic car and join the club.
These are not average models of these brands of course, but some can be quite affordable and aren’t nearly as limited in numbers as some of the more exclusive makes already mentioned. The beauty of cars like these is that it doesn’t take a career’s worth of income to repair minor damage and they can be driven by people of average means from time to time.
Even with those very special cars that do take a career’s worth of income to purchase, it doesn’t need to cost a fortune to protect that treasure for mechanical repairs, maintenance and paint restoration. Classic car insurers offer policies with coverage for all of these types of routine mishaps and even claims for the complete cost of vehicle replacement are available for the low price of monthly premiums.
What Are the Requirements for Classic Car Insurance?
Classic car insurers don’t all have the same requirements to qualify your car for coverage. Most don’t use the same strict criteria as the CCCA. Some insurers have different types of policies for old cars with designations such as antique, vintage, collector or historic policies that depend on age and use.
Some of the more common restrictions include:
* The car must be an older model of a certain age.
* There are often limits on the number of annual claims.
* Storage requirements to protect the car in a locked, weather tight garage.
* Sometimes liability coverage is required in separate premiums.
* The vehicle must be operable and in good condition.
* There are usually restrictions on the miles driven annually.
Does classic car insurance cost more than regular insurance?
Actually, average quotes for collector policies run at a 40 percent discount over regular insurance. Insurers sometimes offer a further discount if a car in exceptional condition is kept in storage with humidity and climate controls or has extraordinary security like GPS tracking and cameras.
Shopping different companies is a must with very valuable or extremely rare automobiles because in some cases a company places upper limits on the cash values of claims in the fine print. Always ask about such upper limits. As mentioned earlier, some quotes won’t include liability as part of the policy. Always check this with your agent before driving the automobile. Be prepared to document the condition and value of the car with invoices, appraisals and photos or video.
Insuring a collector car doesn’t have to be an expensive proposition. With a little bit of care, some knowledge and some shopping around, it’s easily possible to insure a valuable collector car for around half the cost of a new car. The next time the world goes into slow motion, it could be you rolling past, providing that perfect moment for some other lucky bystander.