Condition Classic Car Insurance

Classic car insurance is specialized automotive insurance that is beneficial to many classic car owners. It is usually less expensive than standard automobile insurance and it covers the car for its true value. Although the typical classic car is worth tens of thousands of dollars, the standard vehicle insurance policy would assign a “salvage” value, ($50-$300), to it because of its age. While a salvage value would be appropriate for most 20-30 year-old cars, this is not true for Classic Car Insurance that are in rebuilt or original condition.

Classic car owners are generally experts of their cars. They are quite aware that their cars are classics, and they know pretty well what their cars are worth. Classic cars include those built before the mid-1970s. These cars, determined by their make and model, have remained highly popular through passing decades while becoming increasingly rare. Although this is all common knowledge to the classic car owner, the knowledge of the classic car owner will not be enough to insure the car for its true value.

Most insurance companies will require a professional appraisal of the car before they will write a classic car insurance policy for it. It would be a good idea to ask an insurance agent if he or she has any preferences for the appraisal company to be used. This will ensure that the insurance company honors the appraisal you receive. The appraisal will verify that the car is a classic, and it will prove the value of the car. Appraisers will thoroughly inspect the vehicle to assess the condition of the car. The appraiser will use this condition and the car’s supply and demand to determine its market value.

In addition to the appraisal, insurance companies often have special requirements for classic car insurance policies. It is common for these policies to state that the car is not to be used as a daily-driver. The policy will usually limit the number of annual miles that owners can drive their cars to about 2000 miles. Like standard car insurance policies, the owner’s driving record and age will be factors in the amount of the classic car insurance premium if the owner is approved.

If you have a classic car, you should consider getting classic car insurance. You will save money on the premiums, and you will ensure that you will receive payment for your car’s actual value should something misfortunes happen to your classic car. As you would when doing business for any purpose, just be sure you choose a reputable company for your classic car insurance, and carefully review the terms of any policy before you sign for it.

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