Insuring Your Muscle Car A Different Car Insurance For A Different Sort of Ride
If you already have your regular vehicles covered, you probably understand something about car insurance. But if you own a classic muscle car, you need to learn how this car insurance differs from the regular policy you buy for your family car. It is possible to insure a classic muscle car with a standard car policy, but most experts agree that a classic car insurance program from a specialty insurer will serve most owners better, depending on how you use the car.
How will you use your classic car? Many classic car policies require you to declare the way you will use your car, and also the mileage you plan to put on that car. Of course, you also need to answer these questions for a regular car policy application ,but where a standard insurer who covers your late model Ford understands that you are only estimating, classic car insurance companies will take your answers very seriously.
A regular car owner is not likely to have a claim denied for having drove 12,342 miles in the past year, but had only declared 12,000 miles. Of course, a driver must make an honest estimate of driving miles, but are allowed some tolerance. A classic car policy will expect an owner to stay under the policy limits. If these limits are exceeded, the car owner must contact the company to upgrade their policy.
Actual Cash Value vs. Agreed Upon Value
When you insure your normal family car, it is usually covered for the actual cash or “book” value. The means that most cars depreciate over time. Your collectors car may be so old that is has fallen off of the books, and will not have any value with this method. An “agreed value” policy means that you and the insurer have agreed upon the value of your vehicle, and that amount is actually bound into the insurance policy. If you do have a claim, that amount should be beyond dispute, and will probably give you a much more favorable settlement later.
Classic Car Insurance Restrictions
Compared to standard auto insurance, there are numerous restrictions on specialty insurances. Of course, plans differ by company and some are more flexible than others. But most of the time, because of classic car insurance restrictions, owners also own another car to use for their daily errands or commute.
l Mileage limits may be very low, and 2,500 miles per year is common. Most policies only expect these cars to be used infrequently, and not as daily transportation. Some plans may allow for “Sunday drives”, but others will have stricter limits. Make sure you understand the driving restrictions when you compare classic car policies.
l Make sure you understand who can drive the car while it is covered. Some policies will not allow younger drivers, and set the minimum age at 25 or 30.
How To Find The Best Insurance For Your Classic Muscle Car
Just as every car owner will have different needs and expectations for their treasured vehicle, different specialty car insurers will have different policies that meet those needs. You can compare plans and options, plus find qualified local agents to answer your questions through online insurance quotes.