Five Questions to Ask If Buying Classic Car Insurance

If you have an antique car, it may be worth a great deal of money, and you may need to get a special insurance policy for it. Ideally, you should work with an insurance broker who has experience with working with classic car insurance. To ensure you get the policy you need, you need to ask the right questions:

1. Does the policy cover replacement value?

If you have put a great deal of work into restoring your classic car, it may be worth a lot of money to a collector. Conversely, if you've just purchased your car, it may not be worth as much as a fully restored car. You need to figure out how the insurer values your car, and ideally, the valuation should not be solely based on the car's year and model. Namely, if something happens to your car, you want to ensure that the payout provides ample resources to buy another car in similar condition from a collector.

2. Does the policy have any discounts for extra security features?

Many classic cars don't have the safety features of contemporary cars. However, if you have retrofitted safety features, you may be eligible for a discount on your policy. Make sure to ask the insurance broker about that possibility so that you don't miss any discounts. Some possible discounts may apply to things such as seat belts or theft alarms.

3. Are there special policies for cars in storage?

If you don't drive your classic car but you still want to insure it from theft or acts of nature, you may be able to get a policy that covers your car whilst it's in storage. These policies are generally cheaper than comprehensive or collision policies. However, they don't allow you to drive your car. In some cases, you may be able to get a storage-focused insurance policy that allows you to take your classic car to shows if you put it on a trailer.

4. How far can you drive your car?

Before taking out the policy on your classic car, you should ask the broker how far you can drive your car. In some cases, you can only drive cars on classic car insurance a certain number of kilometres. For example, you may only be able to drive the distance to a show to display your car, but you cannot drive it on an everyday basis or all the way across the country. You need to make sure that your policy works for how you want to use it.

5. Does the policy offer extra coverage for glass protection?

Classic cars traditionally have more glass than contemporary cars. As a result, you may want additional coverage for glass replacement. That helps protect you in case a vandal attacks your car.