Most collectors define a classic car as one that’s between 20 and 50 years old and is a unique or especially fine vehicle, while some insurance companies consider a car to be a classic when it’s just 10 years old. Whatever your definition, if you have one, you probably love it and want to make sure it’s protected. Maybe you’ve put in hours restoring it to its current condition or you are saving it for your child to inherit when it’s their turn to drive. Whatever the reason, it’s time to make sure you have the right car insurance for your classes. You have car insurance for your regular car, so shouldn’t insurance work the same for your classic car? No, and you need to make sure you have the right protection for that treasure. Our Munster team can help!
FAQ About Classic Car Insurance
Why do I need special insurance for my classic car?
Because classic cars and regular cars are very different. The way that we treat them is different, as well. A regular car is going to depreciate in value on a regular basis; the longer that you drive it, the less it’s going to be worth. That means the value that the insurance company has to pay you after your car is one year old is going to be much great than the value they’d pay you if it was 5 or more years old. With classic cars, it’s another story entirely. Classics don’t usually depreciate in value, at least not like their newer counterparts. In fact, many classic cars hold or even gain value over time. That means insuring them and paying out on a claim is going to be a much different process.
Secondly, the way that you treat a classic car is much different. You probably only take your classic out for weekend drives and special occasions, being sure to drive it carefully and avoid damage. You don’t drive your everyday car the same way. You probably don’t think twice about parking it in a crowded and busy parking lot where it might be damaged and don’t mind if you put a bunch of miles on it each year. All of these things put your regular vehicle at a higher risk for an accident than your classic car. Insurers know that and want to provide different types of coverage for both.
You still need insurance. Driving a classic car even around the block is illegal if you don’t have insurance. Insurers know you probably don’t drive your classic car much, so they will take that into account. However, you’ll still need to be covered before you get behind the wheel.
Is the insurance policy expensive?
Not at all. In fact, most classic car insurance policies are less expensive than the policy you pay for the car that you drive every day. That’s because insurers know that you are more careful with your classic car, drive it less, and are less likely to get in an accident. Take advantage of that and get a great classic car insurance policy for less money.
Are there any restrictions?
It depends on the policy. Some policies will have restrictions on how many miles you are allowed to put on the vehicle each year. In general, though, the policies cover much of the same things that your regular car insurance does.
How do I find the right policy?
Start by speaking with a car insurance agent in Munster. They’ll help you determine the value of your vehicle and decide how much it should be insured for (a very different process from a traditional car insurance policy). Once the value is determined, they’ll help you find a policy that meets your needs. Make sure you go over what the policy does and doesn’t cover, just so you know exactly what you are getting from the plan.
Are you looking for a car insurance policy for your classic car? Get in touch with the Gutierrez Family Agency today. We’ll help you find the right car insurance policies for all of your vehicles. You can give us a call or contact us through our website and a member of our team will get back with you right away.