If you have a vintage car then it probably cost you a lot of money. Most people who buy vintage or classic cars do so not only because they like them, but because they see the vehicle as an investment. Once you have spent thousands, if not hundreds of thousands of thousands of dollars on a vintage car, you need to be sure that you have the right kind of insurance policy.
Times have changed and technology has led to many more cars now fitting into a bracket that was once reserved for the glamorous, collector and vintage car owners. It is now possible to obtain both cheap quotes and classic car covers online from many providers including the majority of those famous high street brands, who have realized that nearly fifty percent of the cars on the road now fall within the strict underwriting parameters for classic car policies. Consequently premiums in this market, which were always cheaper than standard cover, have become much more competitive in recent years, with the entry into the market of many of the larger insurance companies.
Providing you take the time to look for the right kind of policy for your car, then it is possible to save money on car insurance. You should not insure a classic or vintage car under a standard insurance policy. If you have bought your car as an investment piece then you don’t want to be driving it around in the same way that you would an ordinary car.
Insurers will limit the amount of miles you can drive each year. Twenty-five hundred miles seems to be the average amount of usage for classic cars, but antique classic car insurance companies offer the option of five thousand miles.
Many companies require that the owner have at least five years of driving experience. However, some companies may require the driver to have ten years of experience. Others expect for the driver to be at least twenty-five years of age. As with most insurance companies, security of you vehicle is very important. Most companies will require you store you vehicle in a garage when it is not being used.
Some insurance companies will only give vintage status to cars that are nineteen seventies vintage or older. You should know that policies will differ depending on the age of your car. Another thing that insurers will take into consideration is whether you have an insurance policy of an ordinary car before they grant you a special policy.
If you do tend to drive a vintage car on a daily basis then insurance companies may regard that car as too much of a risk, as the more a car is driven the sooner it is likely to deteriorate and decrease in value. Insurance companies offer special premiums based on the actual cash value (ACV) of your car, the stated value (SV) and the agreed value (AV) of the vehicle.
As with all car insurance, what may initially appear cheap at policy inception could cause some unpleasant surprises when it comes to making a claim.
David contributes to a website about auto insurance company ratings where visitors can get quotes from classic car insurance companies.
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