5 Questions to Ask When Getting Auto Insurance for a Classic Car

Just as classic cars require a little more attention than their modern-day counterparts, purchasing auto insurance for a classic car is slightly more involved than insuring a new vehicle, you may want to compare car insurance quotes for the best one that applies to your car when you are going through this process. If you have a classic car you need to insure, here are some questions you can ask an insurance agent to help you find the right auto insurance policy for your classic automobile.

Does the Auto Insurance Policy Cover Appreciation?

Most auto insurance policies don’t cover appreciation. For the majority of drivers, this isn’t an issue because newer cars generally depreciate rather than appreciate in value. Classic cars, however, can appreciate.

If you expect your classic car to go up in value in the coming years, make sure the auto insurance policy you purchase for the car covers appreciation. There are a few policies that will cover appreciation, and they’ll make sure your car is protected for its full value – even if the value is higher than it was when you got the insurance policy.

Are Drivers Required to Have a Minimum Amount of Driving Experience?

Many auto insurance policies that are designed for classic cars have minimum experience requirements for drivers. Some policies require the primary driver to have a certain number of years behind the wheel, and a few policies place minimum experience restrictions on anyone who’ll be driving the car.

Should a policy’s minimum experience requirements be violated, the policy’s protections may be voided. Therefore, you’ll want to know – and follow – any such restrictions.

Even if you personally have been driving cars for decades, you’ll still want to ask about a policy’s minimum experience restrictions. That way, you’ll know whether you can let children or grandchildren drive your classic car without voiding its insurance.

How Will Replacement Parts Be Sourced?

The types of parts used to repair a classic car significantly impact the car’s appeal and value. For example, if there is a suspension problem, a car that’s repaired by replacing the necessary parts with the original shock absorber for cars and other components might be worth much more than one that’s been fixed up with more modern parts. Sourcing original or even replica parts can be challenging, though. That is why it could be a good idea to get hold of a repair shop that can source original parts or good quality replica parts for you. That said, you can check out the web page of Steve Sorensen Mechanical to see if they can help you regarding sourcing original parts or other kinds of Vehicle repairs that you might need.

Anyway, coming back to the topic, it’s important to know how an auto policy will cover the sourcing of parts for a classic car. If a car is damaged in a covered incident, will the policy cover the full cost of original parts? Also, will the policy pay to have custom parts made if original parts can be found?

In addition to asking about what parts are covered, find out if an insurer will help you find parts. Some insurers will hire a parts location service for you, which can save you hours scouring sources for parts.

Does the Policy Provide Coverage While the Car Is Being Restored?

Classic cars often spend a lot of time in garages being restored, and they need to be insured while they’re being worked on. You may want to make sure that whilst your car is getting restored and going in and out of workshops that offer services similar to auto repair in Westminster, CO, and car restoration in your local area, that your car is covered by the insurance company policy.

Some auto insurance policies will provide full coverage for your classic car while it’s being worked on, while others will offer only limited (or possibly no) coverage. Before getting a policy, find out how well it’ll protect your car while the car is undergoing restoration. Make sure the car will be covered for its full value and that the location where the car will be stored is a covered location.

Are There Mileage Restrictions Included in the Policy?

In order to keep premiums as low as possible, some insurance companies include mileage restrictions in the auto insurance policies that they offer for classic cars.

Check whether any policy you’re considering has a mileage restriction. If you drive more than is allowed each year, ask whether the policy’s restriction can be increased. If you drive less, then the restriction won’t affect your coverage.

For help finding an auto insurance policy for a classic car, contact us at Metropolitan Insurance Service Consultants.