Classic Car Insurance

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What is Classic Car Insurance?

Classic car insurance is designed to offer you protection on a vehicle that is considered to be a classic. These types of vehicles are generally not used for everyday use such as commuting. Instead they are displayed in car shows and often a work in progress that takes place in a person's garage during their spare time.

With classic car insurance the owner of the vehicle is entitled to recoup what they have invested in the vehicle instead of what the book value of it may be. This is important because the difference in the two could be several thousands of dollars. Having such car insurance classic car may be optional but it is a very important way to protect your investment.

Many classic cars cost a considerable amount of money to purchase. It is very possible to have that purchase financed. In those types of instances car classic insurance will likely be required by the lender to protect their investment as well. You may be surprised to find out how many classic cars are broken into or stolen annually. Having classic car insurance will help ensure you have your investment protected in the result of an accident, natural disasters, vandalism, or theft.

The cost of classic car insurance depends on many factors including your age, driving record, and the state where the vehicle will be residing. How the classic vehicle will be stored (outside, in a garage, mini storage, etc.) will be a factor as well as the value of the vehicle. It is a good idea to get a quote for classic car insurance before you commit to purchasing the vehicle.

It is important to find out how additions to your vehicle will affect the classic car insurance coverage you have. If you add a $2,000 engine and $1,000 in chrome you want it to increase the value of your vehicle. It is important that you are able to verify these additions to your classic car insurance provider so that they can cover the new value of this vehicle and keep it current.

Some classic car insurance plans have a maximum level of coverage that they offer. This means even if your vehicle is valued at more than that they won't pay any more than their specified amount in the event of any loss taking place. Others have an age limit on the year of classic cars they will cover. Some go back to the early 40's models while other classic car insurance companies won't go with anything more than 50 years old.

Still yet others won't extend you classic car insurance if you plan to use it on a race track. They extend coverage for recreational use only. It is important that the classic car insurance coverage you have is suitable for the type of vehicle you have. Owning a classic car can be an exciting time for someone but it is vital that you are able to fully cover the cost of your investment.