Antique Car Insurance

What kind of insurance?

Well hopefully by now you’ve classified your car as an Antique.  Now you get to enjoy the reduced fees associated with antique cars.  It’s just one more value to owning such a fun ride to maintain and take out on your casual weekends.

Things to look for:

  • Mileage Limitations – This one is big.  Each and every single one of the insurance companies on the market will want to know just how much you drive your classic.  If you only put a few miles a year on your Antique or it’s too much of a classic to drive at all, then this may not be a concern.  However, if you’re a weekend warrior or a frequent cross country show hopper, you definitely need to review this topic with your insurance broker.  In some cases exceptions are made but only if you establish your antique’s value and needs ahead of time.
  • Actual Value – Let’s just say you paid $9,000 for a rust bucket project.  2 years later (30 years later if you’re me) you want to take it out on the road.  Your first trip out, fender bender.  Only the frame is bent and things turn for the worse.  Original equipment is hard to find and you’ve spend days or even months sourcing the equipment.  In your mind and through the grease under your fingernails, you know what it took to put that ride into the condition it was before that punk kid failed to yield at the stop light.  Make sure your classic car insurance covers agreed value.  That means if you value it at a certain dollar amount, you’re insured to that dollar amount.  If not, that rust bucket is what they’re going to give you back.  Don’t let your hard earned money flow out the window.
  • Deductibles – This doesn’t change much from what you might expect.  The higher the deductible, the less expensive your monthly premium is.  However, with antique cars, often times the deductible is fixed and the insurance company has already weighed in their odds.  It may not be possible to save in this aspect and you should consider this with all of the insurance companies you research.

Choosing your insurance product

Make a list of things that are important.  Make some phone calls and keep track of things listed above.  Once you have a ballpark of what your insurance should be, consider talking to others.  In today’s age we’re afforded the luxury of Antique car forums and blogs where people have probably already done some of the same research.  If you own an old Camaro, maybe you should hit up the Camaro forums and see what others are paying for insurance.  No doubt you will save yourself not only the leg work but a possible bad experience with an insurance company’s customer service.  Head aches aren’t for everyone and who wants to spend their weekend in a cram session getting insurance before that Sunday cruise-a-thon?

Make sure you spend time researching your state’s rules and regulations.  Don’t take a random $9.00/hr employee cooped up behind a cubicles word for the wise.  Know what you really have to have to put the rubber on the asphalt.  Don’t fall victim to an over zealous salesperson and keep your wits about your antique.