Vintage car collecting is a hobby practiced by people all over the world. Even American celebrities fall in love with them. Jay Leno is known for his huge collection of antique cars and motorcycles going all the way back to the early 20th century. Unfortunately, insuring a vintage automobile can be a bit tricky.
An insurance policy created for a classic or vintage automobile is a little different than a standard insurance policy drafted for a new vehicle or one that’s less than 30 years old. Because the owners of vintage cars don’t generally utilize their vehicles as a “daily driver,” insurance companies provide plans with special features for these older automobiles.
1. Figure out yearly mileage
According to Texas auto insurance worldclimate specialists, one of the biggest reasons a classic or vintage car policy will offer a different rate to the car owner is because it’s unlikely that the vehicle will see tens of thousands of miles on the road each year. Although there are exceptions to this rule, most vintage car drivers will get a rate that will consider a low mileage allotment such as 3,000 or 5,000 miles driven per year.
2. Research the value of the car
Figuring out how much a classic vehicle is worth from resources like “Kelly Blue Book” isn’t always possible. When configuring a policy, a vehicle owner should be able to provide information on how much the car is worth and how that figure was created. In the event of a total loss, a classic car owner may be able to recoup the full agreed-upon value of the vehicle instead of the actual cash value.
3. Investigate multi-car policies
There might be some monetary benefit to getting a policy for a vintage car that also provides protection for a daily driver or other vehicle. Some classic car owners may own more than one vintage automobile and will likely benefit from placing those vehicles on a single policy.
4. Decide upon the deductible and extent of coverage
Many drivers with an old “beater” that’s a few decades old and is just used to do errands around town won’t have full coverage on the car and may have high deductibles, but that’s not always the case for a classic car. Just because a vintage automobile is old, this doesn’t necessarily mean that it’s not worth adding collision protection to the vehicle to ensure it will be fixed in the event of an accident.
5. Inquire about roadside assistance
Not every vehicle policy has a roadside assistance segment, but in the case of a vintage automobile such a feature is all but mandatory. Despite careful restoration and care of an old vehicle, an older car does