Classic Car Insurance Companies

Classic car insurance is a specialized insurance instrument designated for certain cars. This special insurance is non-standard and affords the owner of a classic car optimum coverage for his investment. Although, Insurance companies have certain requirements to classify your vehicle under their classic car insurance program.

In most cases, a classic car, as defined by the insurance industry is one that is more than 15 years old. In some States, a more broad definition of a classic car is used, be sure to check your state definition to ensure your car is indeed a classic.

The classic car insurance companies have stricter requirements on classic car insurance than they do on regular vehicle coverage. Besides the age of an automobile, the insurance provider will have other prerequisites the owner must meet. The age of the driver, his driving record (with a minimum of years driving), storage of the car, and limits on annual mileage are all additional stipulations. Furthermore, the insurer will want to set an 'agreed upon' value for the vehicle .

Most states allow the insurer and owner of a classic car to decide on an agreeable value of the car. You and the insurance company will set a value on the classic car that will become part of the policy. The amount is the total loss value of the car in specific monetary terms. Unlike a regular vehicle, where 'the blue book' or fair market value determines the total loss value of a vehicle.

As for the age of the driver, most providers require a driver to be at least 25 and have at least 9 years driving experience. Of course, an insurance company will also check your driving record prior to issuing a classic car insurance policy.

In addition to the age and experience of the driver/owner, a mileage limit will be assessed on the classic car. Insurance providers vary on this limit, some allow up to 5,000 miles per year while others may permit more. There are also options to select less miles (as low as 1000) which will reduce your premium amount. In many cases the insurer will not restrict your use of the car to drive to car clubs, classic car events or car shows, they will restrict your use for commercial purposes or daily commuting.

Using a reputable firm that specifically deals in classic car insurance is the best way to ensure you are getting the protection and value for your classic car. Usually these specialized companies can serve you better than a regular insurance provider.