If you have a vintage car then it probably cost you a lot of money. Most people who buy vintage or classic cars do so not only because they like them, but because they see the vehicle as an investment. Once you have spent thousands, if not hundreds of thousands of thousands of dollars on a vintage car, you need to be sure that you have the right kind of insurance policy.
Since antique car collecting has become more popular, cars that are at least 25 years old are considered vintage, but cars that 15 years or older are now considered for vintage insurance. However, cars that are even newer than 15 years are accepted as long as they are considered rare. It is best to check with the insurer to see if your car qualifies.
Providing you take the time to look for the right kind of policy for your car, then it is possible to save money on car insurance. You should not insure a classic or vintage car under a standard insurance policy. If you have bought your car as an investment piece then you don’t want to be driving it around in the same way that you would an ordinary car.
Insurers will limit the amount of miles you can drive each year. Twenty-five hundred miles seems to be the average amount of usage for classic cars, but antique classic car insurance companies offer the option of five thousand miles.
Many companies require that the owner have at least five years of driving experience. However, some companies may require the driver to have ten years of experience. Others expect for the driver to be at least twenty-five years of age. As with most insurance companies, security of you vehicle is very important. Most companies will require you store you vehicle in a garage when it is not being used.
Some insurance companies will only give vintage status to cars that are nineteen seventies vintage or older. You should know that policies will differ depending on the age of your car. Another thing that insurers will take into consideration is whether you have an insurance policy of an ordinary car before they grant you a special policy.
The portion of your policy that covers theft, vandalism, and fire will cost you a bit more. It is estimated to be about one percent of the total value of your car.
As with all car insurance, what may initially appear cheap at policy inception could cause some unpleasant surprises when it comes to making a claim.
David owns a blog about classic car insurance companies where visitors can obtain auto insurance company ratings.
Tags: auto insurance, autos, car insurance, cars, finance, insurance, money, travel