Classic cars often merit special consideration when it comes to auto insurance. Classic cars are rarely driven but may have a significant amount of value; there may also be issues in calculating total replacement value, as classic cars can be quite rare. If you’re trying to find the best car insurance for a classic or collectible vehicle, you might want to get quotes from some specialized providers.
Classic Car Insurance vs. General Car Coverage
Classic car insurance makes certain assumptions regarding the value and usage of an individual’s car. This begins by defining the difference between a “classic” car and an ordinary vehicle. A classic car is generally considered to be a collectible car, through which the value is expected to appreciate rather than depreciate in value over time, and for some companies is dated pre-1979. In order to be properly insured, a classic car usually has to be appraised, as an ordinary Blue Book value won’t be applicable. The cost of classic car insurance is highly affected by the fact that a classic car isn’t intended to be driven often. Consequently, it also generally presumes the ownership of another vehicle that will be driven on a daily basis.
Choose Between Bundled or Unbundled Policies
By choosing to bundle your vintage car insurance with your everyday vehicle’s policy, you can generally save on your insurance premiums. However, an insurance claim with either vehicle is likely to increase the premiums of both — so there are reasons to consider fully unbundled policies. There may also be specialized classic car companies that only offer insurance on vintage cars and can thus offer their insurance at cheaper rates.
Additional Benefits to Classic Car Coverage
In addition to providing insurance for vehicles that have vintage and collectible value, classic car policies also often include avenues through which original classic parts can be procured and installed. Thus, having classic car coverage makes it easier for a collector to maintain the value of their vehicles. The replacement value of the car and parts is generally considered to be the value of replacement, and thus the collector is able to ensure that they can rebuild their vehicle with a direct equivalent.
Exclusions to Classic and Vintage Car Coverage
- Classic cars need to meet age guidelines; any vehicles that are of a model newer than 1979 is not considered to be vintage.
- Classic cars also should not be primary vehicles. Those insured for collectible cars should have a daily driver; it is not expected that a classic car would have a daily commute to Milwaukee, though occasional driving is still allowed.
- Finally, classic cars need to be kept in a safe area — generally a covered garage — if they are to be appropriately insured.
Classic vehicles aren’t just expensive to fix; it can often be very difficult to find the replacement cars needed. Classic car insurance is designed to reimburse the full value of classic cars in addition to facilitating the process of finding the right pieces. Those who own classic cars may want to look into either bundling a vintage policy under their existing policy or purchasing one separate.
Milwaukee’s Premier Classic Car Insurance Agency
At Frydach Insurance, we not only know insurance, we know classic cars as well. We’ have five classics that we drive on occasion and take to area car shows. We know what hard work goes into buying, restoring, and maintaining a classic car. Because of this, we are the Milwaukee area premier agency when it comes to insurance classics. Whether you have an antique, muscle car, or street rod, give us a call or request a quote. We’re looking forward to hearing the story behind your pride and joy.
