How to Find the Best Classic Car Insurance

When purchasing that stunning classic car that is in great working condition, the last consideration is often the car insurance. The excitement of obtaining the car often makes consumers forget about insuring the vehicle and the potential problems that might arise. Fortunately, finding the best classic car insurance is not as challenging as it might seem when armed with the right knowledge about getting something to fit individual plans and needs. Whether you have a classic car or not, the best way to compare car insurance quotes for FREE is to enter your ZIP code in our car insurance comparison tool.

Planning Ahead

Before starting the search for any classic car insurance policy, it is vital to spend time working out how the vehicle might be used. This is a key factor in finding the best auto insurance coverage for the vehicle because it determines the minimum requirements on the vehicle.

Take out a pen and paper or open a computer processor. Write out the minimum requirements for the vehicle. For example, if the vehicle is planned for show purposes only, the insurance does not need to cover a large number of miles behind the wheel. If planning to drive the vehicle on warm weekends for that family picnic, the vehicle will need coverage for driving. 

Those who are thinking of driving the vehicle often will need to look for insurance that does not limit the number of miles driven in a year. As a classic car, many insurance companies will have limitations to pay attention to before determining if it is the right insurance for the vehicle.

Write out every aspect of how the vehicle is likely to end up used. Try not to leave any detail out since it can make a difference in which insurance company is best and what type of auto insurance is right for your classic car.

Insurance Limitations

Most classic car insurance companies will have strict regulations for the different coverage options provided. This is part of the reason that planning ahead about what the vehicle will need is so vital.

One potential limitation to look for when asking for quotes is the number of miles. Classic cars are often a show piece or fixed up with the purpose of showing. This means that many insurance companies will put maximum mileage limitations for the year with the idea that many of the vehicles are not likely to drive far. For those who are planning the occasional outing in the vehicle, this type of coverage is not appropriate. Those who are not planning much driving might find auto insurance discounts on this type of coverage.

Another limitation to look for is in the coverage. Consumers who own classic cars should pay attention to any coverage restrictions. For example, some companies might not set limits on the number of miles driven in a year, but instead require that the vehicle is not driven in day to day activities like traveling to work. This type of limitation is often company specific rather than general to all companies.

Replacement Value Factor

The limitations and the use of the vehicle is not the only factor to consider before looking at auto insurance coverage. The replacement value of the vehicle is another consideration that can change the appropriate type of insurance for the vehicle.

Depending on the car and the rarity of the vehicle, the replacement value might be high or reasonable. The higher the replacement value of the vehicle, the higher the insurance is likely to cost.

The rare vehicles that are difficult or even impossible to replace will need an estimate replacement value that the company is able to agree upon. Depending on the company, the method of appraisal might differ. Some companies might require seeking out a specific appraiser while others are willing to send in an appraiser from the company to value the vehicle. When an estimated value of the vehicle is agreed upon, the number is considered the replacement value and the vehicle insurance will factor that into the quote amount.

Stated and Agreed Value

Different insurance companies will differ on their valuation policies and plans. The replacement value of the vehicle often breaks into two basic categories: the stated value and the agreed value. Consumers are often allowed to select one or the other value option when determining an appropriate price.

The stated and agreed value on the classic car will vary between companies and their policies. Before obtaining a quote from the broker, it is best to ask about the differences between the stated and agreed value within the company to see which is best suited to personal wants and needs.

Comparing Quotes

Once the details of the vehicle are determined, such as the appropriate coverage for personal use of the vehicle and the value details on the car, it is then possible to start requesting and comparing insurance quotes.

The only way to find the best classic car insurance is by shopping for car insurance online around and asking for numerous quotes based around the same provided standards for coverage needs. Receive numerous car insurance quotes for FREE by entering your ZIP code above.

Look over the details of the insurance before writing down the company and price of coverage. Pay attention to any limitations or restrictions issued with the insurance quote. Also note if the insurance has coverage for unnecessary or unwanted needs. If so, ask if that part of the coverage is possible to remove and how it might affect the price.

Saving Money

Classic car insurance does have plans in place to help bring down the cost of the coverage and provide special deals and rates to customers. Though it is not likely to find the deals made available to regular car insurance like good driver discounts, other methods are available that can bring the prices down.

In classic insurance, the best way to bring down the price is issuing restrictions or agreeing to restrictions. Limitations on the insurance, such as the limit on the number of miles driven or taking the car in a truck to any car shows, can lower the price on the vehicle insurance policy.

Those who are willing to pay a higher deductible on the car will also see decreases in the overall insurance price as a result of the high deductible. Having a low deductible or even no deductible will increase the price due to the higher risk.

For many insurance companies, agreeing to the actual value of the vehicle as it is appraised will cost less than the stated value of the vehicle. Though companies vary on their policies, the stated value is one provided by the vehicle owner and can often exceed the appraised or estimated value of the vehicle provided by the company. 

As with any other type of insurance, asking if the company has any special promotions, deals or discounts available is another method of saving extra cash on insurance. Though classic car insurance usually has fewer deals available, companies might have a special promotion or discount that owners are eligible to obtain. 

Classic car insurance is different from the basic insurance options. While it does differ, the methods of finding the best coverage for personal needs is similar, enter your ZIP code and get quotes from multiple car insurance companies for FREE.