Over 5 million classic, antique or vintage cars are on the road, and many more remain garaged. Evidence suggests that classic car collecting is by no means fading away these days, and classic car lovers are growing. You may say that the internet has transformed the classic auto market, making it much easier to find classic cars, source parts and bring people together united by a common interest and passion.
If you have a classic car, you understand the major value of your prized possession. It’s so important to protect these investments, which is why we want to guide you through some of the best tips for classic car insurance. Whether your car is on the road, at a show, or in a garage, they have unique insurance needs.
Here are a few important tips on getting classic car insurance
In order to pay the lowest price you can, make sure to get quotes from a classic car insurance agency. The quote will be different than your normal everyday car, so this is a very important step. You want to make sure you are getting the right coverage at a fair price.
If you haven’t already, have your vehicle appraised to assess it’s current and projected market value. Doing so will help you determine just how much coverage you need to attain based on your vehicles worth if something were to happen to it.
While a traditional car insurance policy is determined based upon the value of your vehicle decreasing over time, a classic auto insurance policy is enacted on the basis that the value of the vehicle increasing. Coverage should be high enough to cover the growing value of both your vehicle and it’s parts.
Classic car insurance is a very important part of car collecting. Make sure you valuable invested is protected by using some of the above tips.