The Best Way to Insure Your Classic Car

While you may consider your beloved 1980’s vehicle you drive everyday a classic car, it probably won’t qualify as a classic car in the eyes of the insurance companies. A car is considered to be classic by the insurance companies if it’s envied by collectors, stored safely, driven only by super-safe drivers, and is not your primary mode of transportation. In short, it’s a car used more for show than for practical purposes.

When it comes to insurance premium costs for old vehicles, the age of the vehicle has very little effect on the insurance rate. Insurance companies are more concerned about whether you’re a safe driver, if your vehicle has safety and anti-theft capabilities, whether your car is a common target of thieves, and how safe as a whole your city typically drives.

If you’re looking to lower insurance premium costs for an old car, an easy way to save is by lowering or eliminating comprehensive coverage from your policy. It can be a smart idea if you are a safe driver and you have money set aside to replace your car since this coverage will pay for damage to your vehicle if you cause an accident. However, this is not a smart decision if you tend to get in accidents, drive unsafe, or you’re strapped for cash.

Something else you’ll want to be aware of when owning an old car is the cost of sourcing parts. As a vehicle ages, the chances of it needing repairs rises. Additionally, the older a car is, the harder it is to find parts for it. This will sometimes make repair costs much higher than a newer vehicle and is an important factor when budgeting your car ownership. If you’d like to see if your car is considered classic or would like to inquire about insurance for your old daily driver, please get in touch!