Classic cars are timeless beauties. In the age where the streets are roaring with ultra-fast cars that symbolize the excellence of innovation and technology, classic cars signify how it all started.
Driving a classic car gives the feel and thrill that no other car can provide. This is the reason why owners of classic cars call them their kid-on-wheels.
Well, your baby needs more than just regular cleaning and maintenance to rule the streets. Yes, we are talking about car insurance for your classic car.
As a classic car owner, you must know that driving that hunk of metal, even short distances on the road without insurance, is both illegal and risky.
The majority of the classic car owners put the cars on standard car insurance policies. Well, this is not a good idea because standard car insurance policies are for conventional vehicles.
Let’s dive deep into it and find how you can get the best insurance for your classic car.
Why you need car insurance for your classic or vintage car?
First things first, there is a whole lot of difference between ordinary cars and classic cars. For starters, regular cars lose their book value every year from the date of purchase.
When we talk about classic cars, they are timeless beauties. Hence, they have a vast market. There is no price tag on such pieces. People are willing to pay as much as they can to acquire one such beauty.
So, if you have ordinary car insurance for your classic car, the amount the insurance provider will pay you for damage will decrease every year. Your car is classic, but the policy will go by the rules designed for ordinary cars.
If your classic car is well-maintained, it will hold its value and often appreciate it at a price. Car insurance for a classic car is designed to realize the real market value of vintage cars.
How to get car insurance for your classic car?
There are several factors that you need to consider when looking for car insurance for your classic car. However, the primary focus should be on your requirements and your state laws.
The following are the primary aspects to consider when looking for car insurance for classic car:
Determine whether your car is a ‘classic.’
The bar for what qualifies as a vintage car is incredibly high. It doesn’t only have to old but has to meet specific criteria. For starters, a classic car is envied by collectors, is not your primary mode of transportation, and super-safe drivers only drive it.
In simple terms, a classic car is a car, which is more for show purpose rather than practical use. Does your car meet the criteria? Find out.
Know the cost of sourcing parts
When it comes to maintaining an old car, one of the challenges is finding parts that could fit. The cost of repairs, replacing parts, etc. is quite higher. So, your insurance policy must abide by that.
If you own a classic car, you must get it insured before anything terrible happens to it.