| In today's affluent society, more and more people | | | | their policies in accordance to the needs of the |
| are involved in the expensive hobby of collecting | | | | applicant. They could lift the mileage restriction |
| classic cars. It could either be rebuilding an old | | | | altogether but limit your usage of the classic car |
| classic, or buying the car of their dreams. | | | | as your basic transportation. That is to qualify; |
| According to statistics, there are millions of classic | | | | you must have another vehicle to use for your |
| car owners in the United States of America; with | | | | daily needs like driving to work as an example. |
| more being added to the list every year. | | | | Basically classic cars have been classified under |
| Having invested a significant amount of money | | | | the following categories:-. Antiques: 25 model |
| and time on such collector vehicles, these | | | | years or older. |
| automobile enthusiasts should look for reliable | | | | - Classics: 20 - 24 model years |
| insurance companies to insure them for loss or | | | | - Collectibles: 15 - 18 model years |
| damaged. The chosen insurance company should | | | | - Exotic cars: Less than 15 model years but |
| have specialized program with claim specialists | | | | considered to be appreciating in value |
| who are knowledgeable and able to deliver | | | | - Street rods: Manufactured before 1949 and has |
| excellent service including handling of their claims in | | | | been mechanically/cosmetically altered |
| a proper manner. Proper in the sense that it | | | | - Customs: Manufactured since 1949 and has been |
| should be professional, timely and efficient when a | | | | mechanically/cosmetically altered |
| claim is made. | | | | - Kit cars: Built from purchased packages and |
| However, many of these individuals make the | | | | assembled by experienced professional, |
| mistake of assuming that their standard car | | | | manufacturer or dealer. |
| insurance policy could cover their classic car as | | | | A classic vehicle is defined by its age at the time |
| well. This is not so as there are many essentials, | | | | when the vehicle registration is sought. It varies |
| extras and discounts available. People who are | | | | from one state to another but as a general rule; |
| involved in such hobby are usually passionate | | | | most insurance companies consider vehicles aged |
| about restoring or up keeping their classic cars. | | | | 25 years or more as "classics". |
| Studies have shown that genuine automobile | | | | Having knowledge of the various restrictions and |
| enthusiasts tend to take extra care in the way | | | | categories of classic cars, it is also important for |
| they use, maintain and store their vehicles. As | | | | the car owners to understand how these policies |
| such, some insurance companies are even willing | | | | work, which insurance companies provide them |
| to offer insurance rates that are lower than the | | | | and how you can qualify for this type of |
| costs of family auto insurance. | | | | insurance. |
| The peculiarities of classic cars are that the older | | | | The driving history/record of the person applying |
| they get, the higher their value whilst most other | | | | for such insurance coverage is an important |
| cars will depreciate in value as they aged. In this | | | | consideration. One or two minor traffic offenses |
| respect, some insurance companies in fact | | | | or accidents are usually acceptable. However |
| charged a higher premium and even placed | | | | insurance companies would not offer coverages |
| restrictions as to its usage like limiting it for | | | | to person with major traffic violations/accidents |
| parades, classic car shows or organized meets. | | | | within the past 3 - 6 years. |
| Some even go to the extent of limiting the | | | | Major violations such as driving under the influence |
| number of miles the car can be driven monthly | | | | of alcohol, reckless driving and excessive speeding |
| yearly, as well as the distance it could be driven | | | | are a definite no; when come to issuing such |
| from your residence. | | | | policies. In addition, the applicant must have a |
| With such restrictions, one has to be particularly | | | | minimum of five years or more of driving |
| careful when assessing insurance policies covering | | | | experience to qualify. The underwriter may even |
| classic cars. Although one may accept the fact | | | | review driver's records of all other members of |
| that the premium is higher due to its value, but | | | | the family. Understandably, they need to be extra |
| with such restrictions, it should bring down the | | | | careful when issuing such policies for expensive |
| costs of insuring classic cars. In order to lower the | | | | classic cars. |
| cost, some insurance companies would customize | | | | |