Classic car insurance, or what some people normally call collectible car insurance, is the type of insurance policy undertaken to provide cover for cars that were manufactured more than 20 years ago. The policy may not be available in all insurance companies, but there are a good number of companies that can provide the right coverage for such type of car. Classic car insurance policies are not widely different from normal car insurance policies. Generally, a classic car insurance policy will have the following options.
Spare parts coverage: Most policies will offer cover or protection to your car spare parts in case they get stolen or damaged.
No attention required: Most classic cars are used for car shows. When your car is displayed in such a way while you are away, a car insurance company will still provide cover for the car. Even if a dealership is using the car in your absence, the car will still be covered.
Auto show reimbursement: This coverage is included if someone uses your car and sustains an injury during a roadshow. The amount of indemnity will be determined by you and the insurance company.
Travelling coverage: In case your car breaks down on the road, the insurance company can cover for all expenses you are going to incur as a result of such a breakdown
Roadside assistance: This is a typical coverage by both normal car insurance and classic car insurance. If your car breaks down, whatever expenses you insure for towing them to the car repair shop will be paid for. However, most companies are strict on using only flatbed tow trucks to prevent wear and tear when moving the vehicle to its repair destination.
The above are some of the covers you will get when looking for a classic car insurance policy for your classic car.
Who is eligible to take up a classic car insurance policy?
- When it comes to eligibility, there are similarities between normal car insurance and classic car insurance. But there are some differences too.
- Policyholders must be older than 25 years
- 10 years of driving experience and a great driving record
- No coverage if a classic car is used to drive to other places apart from shows
- The policy holder’s classic car must be in good shape
- Classic car must not be utilized on race tracks
- The policyholder must have another car they use for everyday movement. The classic car shouldn’t be the main car of the policyholder.
- The prospective policyholder should have a safe and secured garage for the classic car. Otherwise, classic car insurance may not apply.
- The intending driver should not have had an accident more than once within the last 3 years
Are their available discounts for classic car insurance?
Just like the normal car insurance policy, there are some things that may attract discounts when insuring your classic car. These include:
- Taking up a comprehensive policy for those who do not intend to drive the classic car but just to restore them
- Having different anti-theft devices in the car
- An accident-free driving record for the past 5 years
- Intends to have coverage for more than one classic car
- Have different car policies with the same company
If you have a classic car and considering how best to ensure them, it’s important to find out what options you have. The good news is most classic car insurance policies are always cheaper than normal car insurance. This is because the classic cars are not put into high risks since they don’t drive them regularly. If you are looking for the most ideal classic car insurance coverage for your classic automobile, remember to do a little research before selecting the right coverage.