As the interest in restoration of classic car restoration increase so does the amount of owners that are in the midst of restoration of their vehicles. These enthusiasts are learning quickly that it can be a battle to get insurance on these vehicles.Although there are many classic car insurance companies available, many insurance programs require that the vehicle be fully, or close to, fully restored prior to being eligible for the program. In turn the owners of these vehicles have no option but to try to get coverage in the standard insurance market.Many standard auto insurance companies have age restrictions for vehicles and the coverage they will offer the vehicles. There are many auto insurance companies that will only offer comprehensive and collision coverage to vehicles that are 15 years of age and newer. Some companies will go as far as 20 years old but this is also not much of a help when insuring a classic car.These requirements leave the vehicle owners with only one option in most cases, liability only protection. Although these cars are not fully restored, some classic cars mid restoration have values that would be sufficient to request comprehensive and collision coverage.Some insurance carriers in the standard market have gone as far as to require that the vehicle owners carry liability only but also require the owner to get a mechanic inspection done on the vehicle itself to determine road-worthiness. Most carriers request this for vehicle that are 40 years of age and older.
Classic car insurance is different from normal car insurance as it has many benefits. However, you might find the cost of insuring your classic car can be very high as well. There are several ways on how to reduce your rates and still get enough protection for your car and yourself.First of all, classic car insurance has ‘no claims bonus’ clause. This means that your premium would not be affected by some occasional claims. However, this doesn’t mean that you can claim as much as you like. You should still maintain a good driving record by driving carefully all the time. It is not a secret that insurance companies give high rates to high risk drivers.Next, try to keep your classic car in a safe place to avoid it being stolen or damaged. Classic cars are usually very valuable due to their rarity and they are very prone to theft and vandalism. If you have a garage in your home to park your car, you will have very high possibility to get lower rates for your classic car insurance.If you are searching for cheap classic car insurance, the companies normally require you to have another car which you use for your daily commuting. This other car should not fall in the category of classic cars. This is because classic cars are usually limited by the policy for pleasure use only. They might also be imposed with certain mileage limit. This means that you can only use the classic car up to a specific mileage a year. If you drive more than the specific mileage, you might be offered higher rates.Classic cars are getting rare nowadays as they have been replaced by modern cars with better speed and performance. However, there are still people who enjoy using classic cars as their mode of transportation or keeping them as collectibles. No matter what is the reason these people are still keeping their classic cars, they should always protect them with sufficient amount of insurance coverage.