If you own or planning to own a vintage car then it is required for you to insure it that reflects the uniqueness and value of the car. Read below to find out more about the kind of policy you need to insure a vintage car.
Type of vehicle
Buying a regular auto insurance is not sufficient to protect against damage or loss when you are owning a vintage car. That said there is no uniform definition for a vintage car. If your vehicles value exceeds its original price then it may be considered as a collectible and can be categorized to be a classic or a vintage car. Generally, vehicles that can be eligible for a vintage car insurance might can include:
* Vintage cars that is at least 25-30 yrs old
* Modified cars and hotrods
* Luxury and exotic cars
* Muscle cars & classic trucks
If you own vintage military trucks or classic motorcycles then you can seek for specialized auto insurance.
Qualifying for vintage auto insurance
The age of a car is simply not enough to qualify for vintage car insurance. While the eligibility criteria differ between different insurance companies, most of the cars need to meet few basic criteria to qualify:
* Limited use – If you are using your vintage car for your everyday errands and drive it regularly then your car might not be qualified for vintage insurance. Your policy might come with mileage limitations and will also have to provide proof that your vintage car is being garaged properly. Some insurance companies might also require you to own a primary car for your daily use.
* Car exhibitions – Due to its limited use, some insurers might give you provision to use your car to participate in auto exhibitions and meet-ups. During such cases, your insurer can provide you with specialized coverage for such occasions. So before buying insurance for your car, it is worth checking the kind of restrictions and allowances your insurance company is ready to provide.
* Secure storage – Your vintage vehicle should be securely locked and secured in a residential garage or a storage unit when not in use.
* Clean driving record – If you are holding a bad driving record for offenses like reckless driving, repeated speeding violations, drunk driving, etc then your insurance may be rejected.
Few vehicles, even though they are special may not be considered for vintage auto insurance. For example, vintage off road vehicles may not be covered by some insurers. Also if your vehicle is poorly maintained or heavily damaged they may be rejected from coverage.
Things to know about vintage car policies
The provisions of your vintage car policy will be similar to a regular insurance policy, such as property damage and body damage. Though there are some differences which are mentioned below
* Car value – Since each and every vehicle is unique, there is a no fixed value for specific models. The first step in insuring your vehicle is to talk to your insurance company and come to an agreement regarding the value of the car. This value will be mentioned in your insurance policy and it will be covered up to that without depreciation.
Also note that your vintage car will gain value as you add miles to them, unlike regular card whose value decreases. So you need to make sure to adjust your vehicle’s value accordingly.
* Repair and restoration – Your insurance policy should give you the flexibility to allow you to repair and restore your vintage car at a specialized garage even if it costs you twice or thrice than a regular car.
* Towing and spare parts – Transporting a vintage car requires careful handling and your insurance policy should be able to cover your special demands for towing your car. Spare parts of vintage cars such as wheels, engine parts, etc are hard to find and expensive. Your policy should be able to cover the cost of replacing such valuables.