First, what is classic car insurance? Well, classic car insurance isn’t like the “normal” car insurance most people have on their vehicles. This type of insurance is specified to help and protect special vehicles in the “antique” or “classic” car category. There are different definitions on what is considered a classic or antique car, but usually cars between 25 to 30 years old get considered within this category. Antiques and classics aren’t the only types of cars that get covered by this type of insurance. There is also others like:
- Antique and classic cars, usually at least 25 to 30 years old
- Hotrods and modified vehicles
- Exotic and luxury autos
- Muscle cars
- Classic trucks
There are also specialized insurances for vintage military vehicles, classic motorcycles and antique tractors.
Why is it So Difficult?
As a owner of a classic vehicle with many years of use and admiration behind it, you will face difficulties and will require regular maintenance. Classic cars often overheat and there are many different ways for this to happen. Just to name a few examples, low coolant level, damaged cooling fan, broken fan belt, defective thermostat, and clogged radiator pipes.
Brakes on older cars usually don’t perform as consistently and often get worn out, even with care. The brakes should be checked on periodically for safety reasons, but many of the old classic cars do not have dashboards or any kinds of warning lights, which makes it hard to determine the quality of the brakes. Old engines. which often is the case for these classic and vintage cars. is an easy target for damage, especially if it runs on burnt engine oil for too long.
Also tracking down spare parts for specific models and types of vehicles may be hard to find and replace. All these factors add to the risk of owning and insuring a classic car, hence many insurance providers just don’t offer this type of product. There are several niche and speciality providers, but even with them, if you don’t have a broker who already knows and has a good relationship with them, it could be a complicated process.
What You Need to Look for in Your Policy?
Your classic car insurance, besides covering the value of the car, should cover protections for property damage and theft, which is also usually found in standard auto insurance policies.
All vehicles categorized, and used within this type of insurance have different values. Depending on the condition of your vehicle, rarity and demand, the value can vary wildly. This should be the first step in the insurance process of your classic car. You and your insurer should reach an agreement on the value of your vehicle. This value will then be specified to your insurance provider and covered up to that specific value. A broker plays an integral role in making this happen and helping both parties come to an agreement.
Classic cars may actually gain value over time, unlike other standard vehicles that will depreciate. The policy should be flexible and make it easier to bring your classic vehicle to a specialist for repair or restoration to maintain its value. Your policy should also have coverage for towing and all the other special requirements for transportating a classic car.
Finally, the policy should cover spare parts and the cost of replacing valuable and perhaps hard-to-find vehicle components, such as wheels, transmissions, and engine parts.
What Your Broker Should Tell You & Why You Should Choose Petra to Handle?
When you are looking for classic car insurance, your broker should tell you about all the benefits and protection that your are entitled too with clarity. Your car and its safety should be prioritized and taken care off. The value set on the car should be realistic and fair to you as an owner.
We’ve insured several 1960’s Mustangs, other muscle and classic cars as well as Ferrari’s and special edition Lamborghinis. We specialize in insurance for these rare machines and we enjoy working with our clients to help protect their investments.
Motor Insurance Advisor