Classic car insurance is a specialized insurance instrument designated for certain cars. This special insurance is non-standard and affords the owner of a classic car optimum coverage for his investment. Although, Insurance companies have certain requirements to classify your vehicle under their classic car insurance program.
For the most part, a classic car is defined by the classic car insurance companies as one that is more than 15 years old. Some states have a wider definition of 25 years, so a check with your department of motor vehicles would be a first step to determining if your vehicle qualifies as a classic.
Since classic car insurance differs from regular car insurance, the providers of coverage will require a stricter set of rules on a classic car. Besides the age of an automobile, the insurance provider will have other prerequisites the owner must meet. Those conditions will be a limit on the number of miles driven in a year, keeping the car securely stored when not in use, and limitations on the age of the driver and their driving experience and record. Furthermore, the insurer will want to set an ‘agreed upon’ value for the vehicle .
The majority of states permit the insurance company and owner to arrive at an agreed value of the vehicle. You and the insurance company will set a value on the classic car that will become part of the policy. This agreed value is the monetary amount that the classic car insurance will cover in case of total loss. This is much different from a standard policy in which total loss is determined by fair market value or the blue book value.
As for the age of the driver, most providers require a driver to be at least 25 and have at least 9 years driving experience. A mandatory requirement as well is a DMV report before the classic car insurance is issued.
An annual mileage limit is usually required by the insurer, in most cases this limit is 5000 miles. If you want to reduce your monthly premium, you may be able to select a lower mileage limit with some companies. Driving your classic car to shows, club events and classic car activities are generally not restricted, however daily commuting and commercial use is prohibited in most cases.
Finding suitable classic car insurance is best handled by using a company that specializes in such insurance. Generally you will receive a better rate and the company will have a better understanding of your needs as well.
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