Whether your classic car is in the middle of being restored to perfection or you’ve got it out at a new car show to dazzle crowds every weekend, you understand that the classic car is so much more than just a vehicle. You also know that not just any auto insurance policy could possibly protect your treasured classic car. To better protect your portable work of art, you need to invest in a classic car insurance policy that is designed to meet the special needs of a car hobbyist and collector.
5 Fast Classic Car Insurance Facts
April is National Car Care Month and that means that it is the perfect time to take a closer look at your auto insurance policy. Are you doing everything possible to protect your unique and valuable classic car? Unlike traditional coverage, classic car insurance is designed to protect valuable and expensive vehicles.
1. Type of Vehicle
This unique type of insurance coverage is designated for special vehicles only. In order to qualify for classic car insurance your coupe must fall under one of 3 different categories: Veteran cars (manufactured on or before December 1904), Edwardian (manufactured between January 1905 and December 1918) and Limited (rare, limited editions or special interest).
2. Age Limitations
While each state has it’s own set of age restrictions, in most cases a car should be at least 15 years old before it can be considered a classic. This is usually the age qualification required for classic car insurance as well. In other states, the minimum age required for a classic vehicle status is at least 25 years old. But if you own a vehicle that is considered extremely rare or exotic and it is under 15 years old, you may still be eligible for classic car insurance.
3. Driver Eligibility
Just like your classic car, each driver must meet age restrictions before they can invest in this special insurance coverage option. Aside from age restrictions, your driving history and experience are also taken into consideration when reviewing your eligibility.
4. Storage Requirements
Because you own such an important and valuable vehicle, it’s a good idea to consider the different storage requirements that are outlined by classic car insurance coverage. In many cases, vintage or classic vehicles cannot be parked outside of your home. In fact, depending on your policy, you may need to provide a designated storage space or secure garage to house your classic car. Luckily, there are many different car storage facilities that are designed specifically for safely storing classic cars.
5. Using Your Classic Car
In order for your vintage or rare vehicle to qualify for this special type of insurance, it cannot be used as your primary mode of transportation. Even if it is considered extremely rare or collectible, it will not be eligible for classic car insurance coverage if you use it daily. But classic car enthusiasts shouldn’t be discouraged by these usage restrictions. Limited use of the vehicle is usually permitted as long as drivers adhere to mileage restrictions and other usage policies.
Help Your Classic Car Hold It’s Value for Years to Come
If you own a truly special or collectible car, it only makes sense to protect it with the best classic car insurance policy available. Before you can invest in a classic car insurance policy, you and your car need to meet the following requirements:
- Classic cars must be anywhere from a minimum of 15 to 25 years old
- Drivers must meet age and driving history requirements
- Classic cars must be stored properly
- Drivers are limited on how often they can use their classic cars
For more information on how you can better protect your vintage or rare vehicle with classic car insurance, visit Marine Agency Insurance online today!