Classic Auto Insurance: Getting Just What You Need

Are you one of the few and admired who has a classic GTO? Or how about a Pontiac Firebird? With the 1967 Pontiac Firebird version being offered in five convertible and hardtop options, classic car enthusiasts still consider the model to be one of the most popular today. Made to rival the popular Ford Mustang and Chevrolet Camaro, the Firebird is a pony car that has earned its place in classic sports car history.

Unique Needs
Because they are so admired and collected, these cars and other classics and antiques by Pontiac and other manufacturers are especially important when it comes to how they are protected. Most antique and classic car owners have unique needs when it comes to auto insurance.
If you have an antique or classic vehicle it is important to know what factors are considered when obtaining classic auto insurance. This way, you will get the best coverage for the most affordable rate, and your car will be protected to the best of your ability. After all, most classic cars are driven very little, most likely no more than a few thousand miles per year. So it makes sense that you would not be subject to a regular insurance policy.

The Factors
When it comes to insuring your classic car, there will be several factors that come into play, including:

• Annual usage. How many miles you drive per year will be a factor. Most people with antiques or classics, which are technically those cars over 30 years old, drive only to select destinations, such as car shows, classic cruises, and car clubs.
• Condition of vehicle. Just because it is a classic car doesn’t mean it is in mint condition. The condition of the vehicle will be taken into account when determining a proper insurance amount.
• Vehicle value. This is probably the most important area of obtaining insurance. Some policies have a “stated value,” while others have an “agreed upon value.” Most of the time, agreed-value policies are preferred because the policy will pay you the full value of the vehicle should something happen. Stated value policies are rare and leave a lot of discrepancy about what the value was if something happens.

The Bottom Line
You certainly don’t want to stop driving that classic car to the annual auto dream cruise. But you also can’t afford to not have proper insurance on it. Keep the above factors in mind and gather quotes from several places that offer policies on classic vehicles in order to find the best rate.

 

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