August 18, 2010

Auto Insurance Quotes For Classic And Antique Cars

Getting auto insurance quotes for your family car was a straight-forward affair. Maybe you called the company that insures your home or went online to the site with the funniest TV commercials. Either way, it was easy enough to get quoted and purchase the policy. Unfortunately, it might not be as easy to insure a classic and antique car that you inherited from your dearly departed grandmother. The quotes you'll receive for this vehicle will be cheaper than your everyday car insurance, but may be harder to get. Here are some things to consider when insuring classic and antique cars.

The first thing you'll need to know before obtaining a quote is whether or not your car qualifies to be insured under a collector car policy. As a rule of thumb, your car is considered "antique" if it was built before 1972. It's considered "classic" if it was built after 1972, but has an active collector's market for that vehicle.

The policies that cover these vehicles are cheaper because the use of them is limited. Most policies restrict the amount of miles that a car can be driven in a year. They commonly cap the annual mileage at 2500 miles. Some policies give you up to 7,500 miles per year. The more miles permitted by a policy, the higher the rate will be.

The next restriction is related to the mileage restriction. Most companies require that a primary vehicle be registered for every driver in the household. Of course, if everyone who can drive the classic or antique car is usually driving something else, the mileage (and thus the risk) will stay low. Another restriction is that classic and antique cars must be stored in a locked garage, barn or some other secure and protected storage facility.

Many companies require all drivers of the vehicle to have a good-to-excellent driving record for at least five years. Any major traffic violation such as reckless driving, excessive speeding or an alcohol-related offense will disqualify you from coverage.

One of unique benefits of an antique or classic car policy is the amount you will be paid for a total loss of the vehicle. For normal insurance, the amount paid to you for a total loss is the fair market value. Classic cars, however, can be insured for replacement cost, or "agreed value." This will often be much more than the fair market value of the car.

While getting auto insurance quotes for a vintage car isn't as easy as filling out a web form, the little extra work will you save you money and provide the best protection for those classic and antique cars.