The mass of semi-metal that everybody drives now-a-days is just not the same as the cars that were made 20 – 30 years ago! You have known that for quite some time and that is why you have a 1969 Mustang setting in your garage or a 1952 MG-TD under a tarp in the side yard! You know that this is an investment, it is a treat to show it off and it is just plain fun to drive. However, you still need to make sure that it is protected and we are not talking about using the right kind of wax!
The insurance companies that specialize in Classic or Vintage cars do have a few requirements, however. Most of them will need to know that the car is in the best of shape and that it is, indeed, a classic. The definition of the word classic, as it pertains to automobiles is: at least 20 to 25 years old!
That is not all, of course! Since you are going to be making sure your car is valued correctly for the replacement value, you need to ensure the insurance company will use the ‘Agreed Value’ of the car. This is not the same way to value the current car that you drive all the time. (Something that you will probably not be able to do with your Classic!) The agreed value is that figure that will ensure you are able to be made whole should something happen to your ‘baby’.
Some of the things that are going to be restricted, by the insurance company, will include:
- Having proof of the condition of the Classic.
- Being provided the proof of a garage or some other form of fairly ‘permanent’ storage facility.
- The Vintage car will have strict limits on the miles driven in a given period of time, say 2500 miles per year.
- You may be required to have a sterling driving record and driving experience for at least 10 years.
- Any work that needs to be done on the car may also need to be ‘cleared’ through the insurance company.
- They may require that it not be used for a business purpose and that no one else will drive it at all!
The auto insurance you may have for your current vehicle is not the type of insurance that you need as you may have noticed. The insurance company that insures that car may have Classic car insurance available, however, take a good look at it just as if that section is a separate policy and that it has the Agreed Value valuation in it and not the brand new price tag. Let’s face it, when your 1969 Mustang was new it cost less than $3,000.00! You do not want that valuation to be on it now!
By looking into the various companies that provide the Classic Car Insurance you need, you will find out a lot about what is and what is not adequate coverage for your investment! This car, that might be as old as you are, needs the special attention that only the best coverage can provide!
