Many older cars hold very little value, but that this not true if your older car is a classic and has been restored. Maybe you participate in car shows or parades, but if you have a classic car, you need the right kind of insurance to protect it.
To qualify for classic car insurance, the rules are strict, but do vary from state to state. Make sure to check with a local insurance agent before buying a classic car insurance policy to make sure that it will cover your car in your area, and that you can live with the constraints of the policy. Here are some of the likely constraints:
- Limits on mileage: If you still like to drive your classic car regularly, you may have to change your ways. There is usually an annual limit on added mileage, and in some cases, it is as low as 5,000 miles. This type of car is not expected to be your daily choice for driving.
- Limits on when it protects your vehicle: If you are taking your car to an event like a car show, you will probably be expected to transport it in an enclosed trailer, rather than driving your classic down the highway.
- Driver age: Many classic car insurance policies can only be given to drivers of a certain age. Because of the increased value, insurance companies would hesitate to offer such a policy to an inexperienced driver.
- How you store your car: Your policy may have rules about where and how your car can be stored.
Only certain cars even qualify for classic car insurance, and these rules can be different in different states. If your car is unusual or a limited number were made, it is more likely to qualify. For more information, contact our insurance agency.