Deciding if a car is a classic can be challenging. Knowing what makes a car collectible is essential to buying the correct coverage. A standard car insurance policy may not be the best choice when it comes to insuring your collectible car, so how can you determine what type of car insurance you need? It's easy once you know these facts.
First, let's dispel a few myths about collectible cars. In most cases a collectible car is just that — a desirable vintage model* automobile.
If you do own a collectible, you will need classic car insurance to make sure you are fully covered. Use these quick tips to make sure you have the appropriate coverage you need for your classic car.
- If you have a truly collectible car then make sure you explain this when obtaining a car insurance quote. Remember, traditional car insurance coverage is based on depreciating value. In the situation of a collectible car, you want to make sure you obtain full coverage for all that you have invested in the vehicle. Two ways to differentiate between a collectible car and a just plain "older" car are the amount invested in the vehicle and the rarity of the car.
- Unbundle. Classic car insurance coverage assumes you have another vehicle, since few collectible cars are used as the primary source of transportation. Limited driving results in reduced risk. Consider unbundling your regular car insurance from your collectible policy for the most affordable rates. Expect to demonstrate age, pleasure use status, garage housing and other typical elements of care associated with a collectible car.
- Verify that your car is in fact a vintage model.* It is important to determine whether or not you car qualifies as a collectible. Just because it is older does not necessarily mean that it is a vintage model.* It is important for you to get the correct insurance coverage for your car.