For car lovers, there is a certain feeling we get when we looks at a classic car. It is different for everybody and may come from your childhood. Playing with Hot Wheels or Matchbox with your best friends for hours or taking a ride in one with an uncle to a car show. It stays with us, and when we get older there is a yearning for one ourselves. I encourage you to pursue that dream by either resurrecting an old “barn find” or buying one that is already done.
Classic car insurance is typically your best bet to protect your new baby. These policies are specifically designed to protect the value of your appreciating investment, while recognizing the car will be used in a different way than your daily driver.
The pricing is generally much lower than your typical auto policy because you drive it less and take care of it in a completely different manner. The Firebird pictured was mine for a blissful 5 years. I am on to my new ones but I remember my wife asking why we have to park so far away from the front door of the restaurant. Of course I did not want to risk any damage to my baby!
Some ways a classic auto policy differs from a standard auto policy:
- Agreed Value
You know how much you have invested in your car and what it would cost to replace it. Let your insurance carrier know what the value is and if something catastrophic were to happen to it, a check for the full amount can help ease the sting.
- Fewer Miles
You get to estimate the miles you will drive the car and the policy can be written with those stipulations. This saves a ton of money and if you need to adjust the miles, a quick call to your agent can get that changed.
- Suspend it or Specify Seasonal Use
These cars break down and also need full restorations too. You may live in a snowy area and know what salt on the roads does to a car. If you have a period of time where the car will be stored and not driven, it is easy to make a change to the policy to reflect its status.
- Special Considerations
Classic car coverage can have restrictions your agent can clarify. You may need to store it in a safer environment and limit who can drive it. Can you imagine a 16 year old boy in a classic Firebird? Not generally a good idea for either of them. I would also specify flatbed transport only if I had roadside assistance.
I personally have my 1965 Mustang insured with California Star Insurance because I can meet with my agent face to face and clarify exactly what coverage I want. Try doing that with one of the big online insurance websites.
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