Maintaining and driving old cars is an awesome hobby for car lovers around the world. However, not too many of them are familiar with the car insurance policies regarding older cars. Yes, it is definitely not the same, but a lot of factors come in that affects the type of policy and the premium rates. Here are some useful tips to educate yourself better about insuring old cars.
Figure out if your car is a classic
Just because you have a good-looking old car sitting in your garage, you already have a classic. Car insurance carriers have pretty high standards regarding their definition of a classic car. Basically, it should be an old vehicle that has been maintained by a good driver, and it’s not the main mode of transportation for the owner. Classic car insurance is basically different from the regular one. Hence, the need to identify whether or not it’s a classic.
Check the amount you are asked to pay
If indeed your old car was classified by your insurance carrier as a classic or an antique, you should expect to pay less. Although classic vehicles can be pricey, this doesn’t mean that your insurance policy for it will be the same. According to studies, classic car insurance policies cost 36% less because the provisions are tailor-made for the vehicle. These cars are rarely used, and they are driven by good drivers. So the risk level is quite low.
Drop your collision and comprehensive coverage
Since you will be driving an older car, you will probably get a significantly low amount after a claim, should you damage your vehicle. If you have full ownership of the car, then dropping your comprehensive and collision coverage will save you lots of money. However, you should have emergency funds to repair your vehicle should you need it.