buyingThe Classic Car Owner’s Guide to Insurance
Rare Muscle Cars Stolen From CT Farm
A classic Camaro and Mustang were lifted from a rural Connecticut property. You'd think that nestling a collection of classic cars on a 144-acre farm should keep them protected from thieves, but sadly that isn't the case for two iconic pony cars. The Connecticut State Police are searching for a 1966 Ford Mustang and 1969 Chevrolet Camaro that were stolen from a 234-year-old farm in Voluntown, CT at some point between November 2018 and March 2019.
Owning a classic car is a lifelong dream for many automobile lovers. When the day finally comes to drive your dream car home, you'll want to make sure your new investment is protected. But just as owning and caring for a classic car is completely different from normal car ownership, standard auto insurance policies won't provide the coverage you need. You'll have to purchase a specific classic car insurance policy.
Classic car insurance is designed to meet the unique needs of classic car owners, while providing less coverage in areas that commuter cars need. Whether or not a vehicle meets the definition of a classic car may be up to the provider, however typically these vehicles are at least 25 years old, have a current value higher than their original purchase price, and require custom or rare parts. Classic car coverage includes antique cars over 45 years old and vintage cars, which can be up to 100 years old. It's also the best type of policy for collector cars that spend more time in storage or on display than being driven.
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Will my car insurance cover my classic car?
Owners of classic cars have totally different insurance needs from owners of standard commuter vehicles. Classic cars aren't driven as far or frequently, so they don't need quite as much liability coverage. However, special parts and skilled labor are major concerns in case of repairs, which insurers need to factor into a classic car insurance policy.
Some traditional auto insurance providers offer classic car insurance policies, while others are specialized classic car insurance providers. Here is a list of insurers to consider:
Key components of coverage
Owning a classic car is a lot of work, so your insurance policy should reflect the time and money you put into maintaining your car's value.
Top-Of-The-Line 1965 Ford Galaxie 500 XL Seeks New Owner
A beautiful and fun-to-drive classic. GR Auto Gallery in Grand Rapids, Michigan is pleased to announce this 1965 Ford Galaxie 500 XL for sale. The current asking price as of this writing is $21,900 with a reasonable 44,351 miles on the odometer. The owner has poured time and resources into bringing this car to the condition it is in today, not to mention a lot of heart and soul. And, there are receipts that prove just that. The Ford Galaxie is a full-sized car that was manufactured between 1959 and 1974. The name was used for the top models in The Blue Oval’s full-size lineup from 1958 until 1961.
Classic cars are unique in that their value increases over time, whereas the 2019 car you just bought will begin to depreciate in value as soon as you drive it off the lot. You and your insurer will have to mutually decide on an agreed value, or what you estimate the car is worth, since it is more factors determine value on an older car than newer one. Your policy should cover the full value and change over time to reflect the vehicle's appreciation.
If you're in the process of restoring a classic car, ask your insurer about restoration coverage. You'll need to provide proof of ongoing restoration work, but your car will be covered during the restoration period and your policy will automatically adjust to account for the increase in value. A vehicle under construction policy could even provide coverage for your automotive tools and quarterly value increases.
New York Hiking Trails Double As Classic Auto Graveyards
These rusty relics are a welcoming sight for trail-blazing locals. © Motorious New York Hiking Trails Double As Classic Auto Graveyards Multiple vintage abandoned cars from the 1950s and ‘60s sit along the hiking trails at a few different parks in Westchester County, New York. One would think that cars littered along a nature park path would be an eyesore, but locals love the old cars and use them as landmarks when hitting the trails. Overrun with foliage and ridden with bullet holes, these classic autos have been sitting for decades and have become part of the landscape.
Spare parts coverage
What classic car aficionado doesn't have a few spare parts lying around? With spare parts coverage, you'll be protected in case anything happens to the expensive specialty tools and parts in your possession. Some providers even offer coverage for your automotive collectibles.
Classic car insurance qualifications for the car
Most classic car insurers will have a set of qualifications that must be met for a vehicle to be covered under a classic car policy. Each insurer has their own set of rules, but they generally share a few common factors.
Cars should be at least a decade or two old to be eligible for a classic car insurance policy, sometimes more. Some newer vehicles may qualify as collector cars, but these are the exception, not the rule.
You can't drive 20 miles to work every day in your classic car. Some insurers will place an annual mileage limit on your vehicle; others have a list of uses expressly forbidden, such as commuting to work.
Classic car insurers want to see that you are taking good care of your vehicle. Don't let things fall into disrepair unless you want to risk getting dropped by your insurance provider. If you're planning to do major restorative work, you'll need to purchase restoration coverage.
The Dalai Lama once owned this classic Land Rover up for auction
This 1966 Series IIA Land Rover was owned by His Holiness the 14th Dalai Lama, and used as his official vehicle for many years The post The Dalai Lama once owned this classic Land Rover up for auction appeared first on Motoring Research. Read More
Where you store your classic car will affect how much you pay for insurance. Your best bet is to keep it in a locked garage or specialized storage facility.
Classic car insurance qualifications for the driver of the car
Owning a classic car is a big responsibility. Before they'll cover your collector's piece, insurance companies will want to know that you're a low-risk classic car owner.
Age & experience
Insurers know that young drivers without much experience aren't likely to be prepared for classic car ownership. You'll usually have to be at least 25 years old to insure one of these vehicles.
Keep your record clean if you want to insure a classic car. You should have no at-fault accidents, DUIs or other major infractions in the past five years.
Since classic car insurance policies don't cover everyday use, you'll have to show proof that you own another vehicle for your daily commute.
Information you might need for a classic car insurance quote
Once you're ready to start shopping for a classic car insurance policy, have the following information readily available. It's important to provide the same information to all insurers to get quotes that are easy to compare.
Make, model, year and type
You should know the make and model of your classic car as well as the year it was originally built. Decide which type best describes your vehicle: classic, vintage, antique or collector.
Car insurance that covers 12 common mishaps and accidents
Do you know how your coverage helps pay for damage to your vehicle?
Miles driven per year
Think about how many miles you plan to drive your classic car each year. It should be a low number, generally under 5,000 miles. Many classic car insurers have mileage limits you’ll have to keep in mind.
Have there been any modifications made to the vehicle? Do you plan to make any yourself? These are all questions that insurers will want the answers to, since they can greatly affect the value of the car.
Decide where you will store your classic car and how you will protect it. Locks and alarm systems may help lower your insurance premium, while storing the car outdoors or anywhere with low protection will drive rates higher or disqualify you entirely from coverage.
Your insurance provider will be able to look up your driver history to check for accidents and infractions. If you're not sure what your driver history looks like,for a copy of your driving record before getting quotes.
Discounts and savings on classic car insurance
On average, classic car insurance is less expensive than traditional car insurance. Regardless, there are still a few ways you can save money while insuring your classic car. For example, you might opt for a higher deductible, bundle multiple vehicles and policies together or put security measures into place.
Here's a full list of ways you could save on your classic car insurance:
- Insure more than one car
- Keep more than one policy under the same insurer for a multi-policy discount
- Drive fewer miles
- Opt for a higher deductible
- Install anti-theft devices
- Show proof of car club membership
- Complete a safe driving course
- Show proof of storage and keep your vehicle stored during winter
- Shop around for lower rates or switch insurers
Bottom line on classic car insurance
Classic car insurance is available from many different providers, including both specialty classic car insurers and traditional insurance companies. Your car is unique, so take your time shopping around for a policy that best fits your needs. A good classic car insurer should give you the freedom to enjoy your vehicle while protecting its value for years to come.
1978 Datsun 280Z Black Pearl Edition Seeks Second Owner.
A limited-edition model that has had only one owner since new. The beauty you see here is a 1978 Datsun 280Z Black Pearl Edition that represents the best of the two-seater Z-cars that transformed the automotive world in the ‘70s. As the later models prove, the Z will always have a place in the hearts and garages of car enthusiasts. That’s why Streetside Classics is pleased to announce this early 280Z example for your consideration. It’s currently up for sale at a price of $19,995, and you can make an offer on the car right here.
Should You Buy a Classic Car?
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