Top 10 Steps to Buy Classic Car Insurance

Top 10 Steps to Buy Classic Car Insurance

When you buy classic car insurance, it’s important to know what to expect. It’s also important to understand the difference between standard and classic car insurance policies. This blog post is going to outline 10 steps that will help you find the best policy for your needs!

1. Educate yourself before you buy

As a consumer, it is your responsibility to do the proper research before signing up for any insurance policy. Insurance companies offer many different types of policies that cover all sorts of vehicles from motorcycles to classic cars. It might be worth your time to spend an hour or two reading through some car insurance basics so that you know what types of coverage are available and what to ask about when searching for classic car insurance.

2. Learn the differences between standard and classic car insurance policies

Standard auto insurance policies (offered by companies like GEICO, Progressive or Farmer’s) cover your vehicle against damage that you may cause, as well as any damage caused by a collision with another vehicle. They also cover your vehicle against damage caused by weather conditions, theft and vandalism (although special coverage may be required if you own an exotic or expensive car).

Classic car insurance policies are similar to standard policies in that they will pay for physical damage to the car as a result of an accident. However, classic car insurance allows drivers to customize their coverage with different types of comprehensive and collision insurance.

3. Know what your car is worth

You can get an estimate for how much it will cost to insure your car by using the classic car valuation website or app of your choice (we like Hagerty). This way, you’ll know exactly how much you’re paying when you buy insurance.

4. Decide if you want a loan-waiver

Some policies offer a loan-waiver, which is an extra policy that protects your classic car while it’s being financed by the bank or dealer. This will allow you to choose a low deductible and get lower rates on your premium. Other policies will cover your vehicle as long as it is paid off, but will not waive your loan deductible.

5. Know the types of coverage available to you

Here’s a quick overview: Third Party Fire and Theft – This type of insurance covers any damage that occurs for which you are deemed responsible. It also protects against theft. Comprehensive – This type of insurance plan covers non-accidental losses or damages that occur to your vehicle, excluding those that result from collisions. Collision – This type of insurance protects against damage that occurs as a result of collisions with other vehicles or objects.

6. Find out how much you’ll be paying for insurance

The amount will depend on the value of your car, the age of the driver, the type of policy you choose and any discounts that are available to you. Your agent should be able to help you quickly estimate how much your insurance will cost in order to give you an idea of how much it might be.

7. Don’t forget about licensing fees

Some states require drivers to pay special licensing fees when they drive classic cars. The fees are usually quite affordable, but you will need to pay them before you can get your car inspected or register it with the state’s DMV (some insurance companies offer temporary license plates).

8. Make sure your policy covers mechanical work

If your policy does not cover mechanical work, find out how much extra it would cost you to insure your car while it is getting repaired. Most insurance companies will cover up to $500 of mechanical work, but you should ask about higher limits in case that isn’t enough.

9. Share your classic car with others for their enjoyment and protection

If you’re going to be lending out your classic car, make sure your policy includes coverage for other drivers. You can’t be held responsible if one of your passengers does damage to the car, but you’ll want coverage just in case anything happens to it while it’s being used by someone else.

10. Don’t forget about key insurance and storage costs

Even if you’re not planning on driving your classic car or lending it out any time soon, you should still get it insured. The cost of coverage will vary depending on where you keep your car and how often it’s driven, but key insurance costs around $50 or so per year in many cases. You’ll also want to cover the cost of parking and storing your car in a place like a garage.

What is the top reason for getting classic car insurance?

Top reason to get classic car insurance is for it to be insured if anything happens. If an accident does happen, you need your car to be covered this way all costs are paid off.

What is car key insurance and what does it cover?

Car key insurance is a type of insuring that covers the value of your car if in case you lose all keys and they need to be replaced, or in the even that your keys are stolen and they need to be replaced. It’s not that expensive and it covers how much the keys cost as well as any locks that need to be replaced for your car.

What are some criteria that insurance companies will take into account when providing quotes?

When they provide the quotes there are three main things they look at which are part of the driver, driving record, and vehicle. The driver being the person driving, their driving record, which are things that have happened in the past while driving or posing a risk while driving, and lastly is the car itself. The car’s age, what year it was made in, how many miles are on it so far, etc. will all factor into how much the insurance costs.

What are some ways to estimate how much classic car insurance will cost?

There are various ways to estimate the classic car insurance costs. One of the most common is to use Hagerty’s website or Hagerty’s mobile app. They have a classic car insurance estimator on their website. Another is to use an online insurance company’s quote generator.

What kind of discounts can people get on classic car insurance?

People can get discounts on classic car insurance for being a higher driver, having current coverage, etc.

By And By

Comment below and share your thoughts. What would you add to this list? How has classic car insurance been working for you? Do any of these steps seem especially difficult or tedious? Please let us know in the comments!

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