Selecting the Right Insurer for your Classic Car

Lovers of classic or antique cars will go to great lengths to protect their beloved vehicles. To ensure their cars are protected, they buy insurance from various insurance companies of their choice. However, most owners of vintage cars are not aware that the insurance policy of vintage cars differs from that of other normal cars. Since classic cars are rare to find, most insurance company agents are not able to accurately define what classic cars are and their actual prices. Insurance companies’ main objective is to make money, by ensuring that in case of any damage to the classic car, you only receive the minimum compensation that can be given.   

Before choosing an insurance company to cover your prized possession, you need to ensure that the insurer clearly understands the real value of the classic car and that in the event that the car is totaled; you will be given money equivalent to the actual value of the car. Most insurance companies do not place classic cars in the same insurance policy as other vehicles. They prefer giving classic car owners specialty coverage for their cars. However, the insurance companies will first have to decide whether the car is considered a vintage or not. They may look for any distinguishing or unique body features. 

If the car can be classified as a classic car, then the owner should go for the special insurance cover. The insurance policy for most common vehicles allows the owner to use the car at all times. For classic vehicles, there are policies that restrict when and how long the vehicles can be driven. If the car is only used occasionally, such as attending classic shows or parades, classic car owners should make sure that the policy is able to cover that. The policy chosen should give the owner the freedom to enjoy using the car.  

To prevent the classic car from being damaged, the insurance policy might place restrictions on the places where the classic car can be stored or parked. This is unlike normal cars that can be kept anywhere. The policy may restrict the vehicle to be stored in enclosures. This restriction is intended to protect the insurance company from claims arising from either theft or damages, since the classic car has high chances of being stolen. The other difference between insuring everyday vehicles and classic cars concerns compensations for a damaged car.  

The insurance policy of ordinary cars allows the insurance company to pay for actual repairs if the car is involved in an accident.  However, classic car owners, using the special insurance cover, can have a pre-agreed amount of money that will be paid in the event the vehicle is involved in an accident or is stolen. To further protect the car, make sure that the insurance policy gives you the right to choose your preferred mechanic, in case the car is involved in accident. This is essential since not all mechanics are able to give offer specialized service to classic cars.