The Basics Of Insuring Your Vintage Auto

By Author: Norris Rios
Total Articles: 572
Comment this article

Having a vintage car in your garage is a serious undertaking from many points of view. And the financial implication of driving a car that has some historical value to it may also be much higher than for a typical modern vehicle. Apart from the typical restoration and maintenance costs that can cost you a lot taking the value of genuine parts, the cost of insuring such a vehicle can give your wallet a good bite unless it's a fat one and can afford it. That's why many people say that vintage cars are a hobby for the wealthy. Sure, you can enter the vintage car club with moderate finances too, but you'll have to be aware of some peculiarities concerning vintage auto insurance. Here are some of them:

- Your car should be professionally evaluated by an appraiser before looking for an insurance policy. If you don't do it before buying a policy from a typical provider than the value of your car that the coverage will provide in case of a claim will correspond to its current market value. And this means that you'll be covered for scrap metal taking the depreciation of cars through decades. Your insurer should be informed about ...
... the historical value of your car and the best way to do so is to have your car appraised by an independent expert who will be able to set its actual value.

- Many insurance companies may simply not have specialized vintage vehicle insurance and will offer you standard policies just like for a modern series car. While that may turn out cheap from the coverage point of view as the market value of vintage cars is fairly low (excluding their actual historical value), quite often such coverage won't be enough to cover serious repair that requires specific parts. That's why it's recommended to search for a specialized vintage insurance company or ask if the mainstream insurer has special vintage car policies. After all, you want your car to be insured to the proper extent, right?]

- Quite often there are specific limitations under vintage car insurance policies. For example, you will have a limited year mileage permitted in order for the coverage to apply. The place you keep the car also matters, as some insurers won't be willing to insure a vintage vehicle if it's kept somewhere outside the garage. And while these measures may seem logic and acceptable to many classic car owners, sometimes such restrictions may cause problems with the insurance company in case you file a claim and they find out that the conditions haven't been met to the full extent.

However, like in any other case of car insurance, it really depends on the policy you buy in the first place. Shopping around is a must even with vintage car standing in your garage. Sure, the options will be limited and you'll have a more modest range to choose from if compared to ordinary vehicle insurance, but it doesn't mean that shopping around is pointless. After all, you will definitely want to insure your vintage car to the full extent and policy comparison is simply the best way to do it right.