When you are in the market for insurance, there are many options available to you. One type of car insurance that is often overlooked by buyers is Classic car insurance. Here are 10 reasons why buying this type of policy could be a smart decision for your vehicle.
1. You don’t always need to be the original owner.
One of the first questions that an insurer will ask you when looking at vintage and classic cars is whether you’re the first and original owner of your vehicle. If you can provide them with a document like a registration or tax form, then that’s enough proof! Note: This does not mean that the car is free. It means that you can get classic vehicle insurance even if you did not buy it brand new.
2. You don’t always need to be driving the car yourself.
One of the other questions that an insurer will ask is about who drives your car, where does it go, what work do you actually use it for and how often do you drive it? If you can answer all of these questions in a way that makes sense then they shouldn’t have any problems writing your vehicle into the policy.
3. You might not need to be using it for business purposes.
Although most policies will still cover cars that are used for commercial reasons, some insurers may not cover business use for vintage and classic vehicles. If you are the only person who ever drives it, then your insurer might not ask about whether you’re using it for personal or work related reasons.
4. You usually don’t need to be doing any modifications to your vehicle.
If you’ve made any changes to the engine of your car or to any other important components, then you might not be able to get classic vehicle insurance. When providing proof of your vehicle, make sure that you don’t include any changes that have been made.
5. You don’t always need to have a huge deposit down before driving your car off the lot.
The first owner doesn’t need to pay a huge deposit before they drive off the lot, so it shouldn’t be an issue for you either.
6. You don’t need to have had your car for very long.
As long as you can prove who owned it before you did and why they are no longer using the vehicle, then you should be able to get classic car insurance.
7. You don’t need an expensive, high performance vehicle to get covered.
The type of car you have won’t affect whether or not you are eligible for classic car insurance. If your car is old enough to be considered a classic, then it will likely be eligible for coverage under your plan if it meets the above criteria.
8. You don’t need to have a spotless driving record.
If you’ve been involved in an accident or received a ticket, then it won’t negatively impact your chances of getting classic car insurance. You might even find that some insurers will give you a discount if they can see that you care about protecting and preserving your vehicle.
9. You don’t necessarily need to already have a model that is considered ‘classic.’
Typically, if your car was manufactured before 1997 then it’s probably eligible for coverage under a classic car insurance policy. However, if you have an older vehicle and want to get the most out of it throughout its life, then this type of insurance could be a wise investment.
10. You don’t need to worry about not being eligible because you have little or no money down.
Because insurers will often take into account the value of your car and how much equity you have in it, they might offer coverage if you can pay some money upfront. This way, they know that you’ll do your best to make good on your insurance claim and pay them back for repairs.
Do I need to own my car myself?
No. If you can provide proof that the original owner sold it directly to you, then there’s nothing else they need. This does not mean that it is free, so keep paying your monthly bills! However, this does help to reassure insurers who might otherwise have doubts about your car being a ‘classic.’
What if I’m a student?
You can still get this type of insurance policy without having to worry about making any changes in your financial situation or education goals. Just like with other types of policies, insurers will take into account how old and valuable your car is as well as your driving history.
Can I get classic car insurance if I’m under 25?
Yes! There’s no specific age requirement for this type of policy, so as long as your vehicle meets the guidelines then you should be eligible for coverage. However, it might come down to whether or not you’re listed as the primary driver on your car’s registration.
Do I need to make any changes before having my vehicle insured?
No, you don’t. You can insure your vehicle as is and not worry about making any repairs or updates beforehand. Just like with other types of policies, your insurer will take into account what your car is worth and how much equity you have in it.
Do I need to have a large deposit down before I can get classic car insurance?
No! Just like with other types of policies, you won’t always need to put up a large sum of money before getting covered. This is especially true if your car is older and you can prove why the first owner no longer drives it.
How will my insurer know that I drive my car myself?
You don’t need to provide your insurer with proof that you’re the only person who drives your vehicle since they already trust that you are responsible enough to own it in the first place. They might note, however, if they see that there are equal amounts of usage on both sides of the family.
Do I need to have a certain type of license to drive a classic car?
No. There’s no specific licensing requirement that you need to fulfill in order to be eligible for this type of insurance policy. However, it might depend on the value of your car and what you usually use it for as well.
At The End Of The Day
That’s it. We hope that this list has helped you to make the decision of whether or not classic cars are worth insuring, and if so how much insurance coverage is best for your needs. Comment below with what other thoughts on our list resonated most with you!