How To Insure Your Classic Car

Did you know that cars from 1930s can be worth up to $5 million in the right market? Interested in buying one of these rare beauties, but not sure how to insure it? This post has all the information you need!

We'll tell you everything from how much coverage is needed, to what's covered by insurance and what isn't. And if your classic car needs a little extra care for that perfect polish, we've also got suggestions for where you can find a good home mechanic too. You'll be cruising around town in style with your new purchase and without any worries about whether or not it will get smashed into pieces.

How To Cover Your Classic Car

Classic cars are the best! They just don't make them like they used to, right? So when you decide to buy one, you want to make sure that it's nice and protected. Unlike a used car that can be found at any dealership, classic cars are unique. These beauties were built with care and dedication. And what's more is that they may be worth more than your home.

They can have a high resale value if well-kept, so it makes sense to invest in insurance for your classic car too. Having the right coverage will ensure that you get your money's worth every time.

As we've already mentioned, classic cars can be worth more than your home. A car like this is going to be worth more than $5 million including the restoration costs and originality. Then, there's the fact that they're not going to leave you in a hurry either. They take a lot of work and will likely remain valuable for decades. In fact, they can last forever! Car show attendees have kept their cars all these years because of their sentimental value. So the right insurance will help protect your investment from any damage or theft.

Classic cars are different because they can be worth anywhere from $1,000 to $5 million. So it makes sense that the insurance you get for them is going to be unique too! Making sure that you have the best insurance is a lot easier when you know what's covered and what isn't. This way, you won't find yourself paying a hefty deductible after your vehicle gets stolen or damaged.

That's why we've put together this post to help you understand just how to insure your classic car for less. After reading this post, you'll know everything from how much coverage is needed, to what's covered by insurance and what isn't.

How Much Coverage Do You Need?

It's important to know how much coverage you need for your classic car. Knowing this will make sure that you get the right deal. The first thing you'll need to understand is how much your insurance company charges! Most insurance companies will charge a flat rate per year. Some will even charge by the minute!

So when you're shopping around, you'll want to find one that has an affordable price tag. Insurance companies have different rates based on the type of car as well as their age. So if your car is a year older than 20, it's going to cost more money.

The National Association of Insurance Commissioners require that insurance companies define an antique vehicle as one that is 50 years old or older. Once this is done, they can charge any amount that they see fit. So it's important to know how old your classic car is before choosing a policy.

Age-Based Insurance Rates

If you're not sure how old your car is, you'll want to find out what age it falls under. Here are the average rates according to insurance company:

18 and Under: $500-$1,150 annual premium and $34-$61 monthly premium. After 20 years: $2,000-3,500 annual premium and $55-$83 monthly premium.

Over 20 Years: $1,750-$3,500 annual premium and $82-$133 monthly premium.

That's just the average though! You might find that insurance companies have a different rate for older classic cars. If you want to secure a great deal then you'll want to find one with a low-mileage quote. The general rule is that older cars cost more money so it's important to know what's covered by your vehicle insurance.

What's Included in Classic Car Insurance?

Insurance companies are different from one another, but they will all do the same things. As we've said previously, they'll most likely have a flat rate per year or by the minute. If you're looking for a low-mileage quote, then it might be wise to shop around. You can do this on your own or go online to find quotes from multiple companies so that you can compare prices and choose the best one.

That's why it's important to know what's covered by your classic car insurance before signing up for any policy! Knowing what everything is will help you save money because you won't have to pay excess fees or deductibles after something happens. So ask your insurance agent what's covered by your policy and what isn't.

When it comes to insuring a classic car, you need to know the basics. A typical policy will cover fire, theft, vandalism, natural disaster, and collision. If you live out in the country where these are common problems then it would make sense for you to have extra protection. But if you're just driving around town in your city, then the basic coverage should be enough!

A more comprehensive policy can include coverage for floods. If you live by a river or lake, it's possible that you'd have to buy a flood policy. If you decide to go with this option, make sure that you understand exactly what is covered and what isn't. It's also important to know if there are any deductibles so that you know how much money will be taken out of your pocket every time something happens.

You'll need to decide how much coverage you need before choosing your policy. There's always going to be an individual choice with insurance policies, but knowing what your insurance company does and doesn't cover will help save money!

Are You Charged A Deductible?

Most insurance companies charge some kind of deductible when it comes to auto coverage. If they don't, then you're probably paying way too much money! A deductible is a flat fee that you pay before your insurance company is on the hook. They'll usually charge 3-10% of your vehicle's value. So if your classic car is worth $50,000 then the deductible might be $3,000 to $10,000.

So that means if you have a $50,000 car and the insurance company charges a 10% deductible, then you'd have to pay at least $5,000 out of pocket before they would cover the rest. If it was a 3% deductible then you'd only have to pay $1,500 in case of an accident or theft.

Conclusion

Insurance for classic cars can be tricky. You'll have to do some research to find the best policy and a company that is cost-effective, but you can do it! Just getting your insurance is the first step in securing your classic car. After that you'll want to make sure that you know what's covered and what isn't.

Once you've selected a policy, then it's important to know what's included and what isn't. Knowing these basics will help save money because it will only cost extra money if something goes wrong! You just need to know how much coverage you need and where to get it.