Owning a classic car is the dream of many people. Perhaps you want to get that same car you drove as a teenager to restore and drive on the weekends, or maybe you want a true antique to take to car shows. No matter which type of classic car you have in mind, there is one thing you have to keep in mind—insurance.
Insuring a classic car is a bit different from a regular car. The details will mainly depend on how often you drive the car. If you are driving it once or twice a year to a car show, you may be able to get a significantly reduced rate; however, if you are going to take it racing on the weekends, you may need more insurance than a standard car.
One of the tips that comes up time and time again amongst classic car enthusiasts is to find an independent agent that specializes in this type of insurance. While it can be tempting to work with a big, faceless company, you will get the care you need by talking directly with an agent.
Do not try driving your car without some form of insurance. Classic cars are even more likely to break down than a traditional car, and if you find yourself on the side of the road, a police officer will be asking for your insurance information and the car’s registration. Not insuring your car can cost you way more than what you pay for your small monthly policy.
Another piece of advice is to make sure you get insurance that covers the full value of the car, not just the book value. A well-restored old classic is likely worth considerably more than the book value. You could wind up in some serious hot water if you do not insure for the full value and you wind up getting into an accident or otherwise causing damage to the vehicle.
Classic car owners want the very best for their car, which is often more than simply a mode of transportation; it is normally an investment too. Insurance is not a place where you should try to cut back to save money—however, saving money is a possibility if you work with an agent that understands your needs and can help you figure out how to get the best rate without sacrificing coverage.