Historic cars often gain value over time, making insurance an important consideration. Cars that were once purchased for $2000 can now be worth upwards of $50,000. Some historic car insurance owners value the memories associated with the car. Others value preserving the past. Still others view their purchase as a long term investment or as part of their retirement. Insurance can play a crucial role in protecting this unique piece of Historic Car Insurance for the owner.
Special insurance can be purchased for historic cars. Many states vary in the age requirements for cars to be considered historic. Some states require cars to be fifteen years old while others require them to be forty years old. Insurance companies that specialize in historic cars often have varying standards. Their requirements may include storing the vehicle in a locked facility, not driving more than a maximum number of miles each year, and not allowing drivers under a specified age or with fewer than 10 years of driving experience. The cost of insurance for your historic car is usually less than insuring a newer vehicle.
Getting insurance for your historic car can be especially beneficial if the car will be used for business purposes. Some entrepreneurs rent the vehicles or offer chauffeur services for weddings or special occasions. Historic cars, not seen frequently on the road, often get noticed from onlookers. However, it is important to make clear to the insurance company how the vehicle will be used. Rates for business use may be different than if the vehicle is not used for business.