The best estimate of the number of vintage and classic cars is at about 5 million vehicles.
Only a few years ago, almost 58% of them were owned by baby boomers. Now the markets have flipped dramatically. If you’re a Millenial or Gen Xer, congratulations are in order!
You’re now in the majority group of old classic car owners. The automobile of choice for this new demographic? Overwhelmingly, vintage pickup trucks.
So now there’s another question for a budding classic car collector. How are you going to protect your investment?
Keep reading to find out the best way to find the right classic car insurance policy for your old vintage car or truck.
A Smart Policy for an Old Classic Car
No doubt you’ll be keeping your old vintage vehicle in a fully enclosed garage, perhaps even climate-controlled. Still, you’ll want to consider options like car collision in your insurance policy.
The type of insurance quote you’ll need is very specific, unlike a mechanic’s shop or typical car owner. That doesn’t mean that your insurance policy should only cover the car when it isn’t moving or the engine’s running.
Some of the most common coverages for vintage and classic cars are:
- Spare parts coverage
- Tiered mileage plans
- Agreed value
- Auto-show medical
- Worldwide coverage
You might not think some of these are really that important, such as auto-show medical coverage. Consider, though, how many people will be touching things on your car or getting in close for pictures (even if you don’t want them to).
All it takes is one stumble, one bump to a hood strut, or a single touch to a hot engine component and someone’s taking you to court over medical bills.
If you’re on the auto-show circuit, worldwide coverage, tiered mileage, and agreed value coverage may be the most important parts of your policy you could have.
How Much Is This Old Classic Car Insurance Going to Cost Me?
Insurance including these could run between $200 to $600 per year depending on your insurer and the value of the vehicle. Considering your typical car insurance for an everyday car is almost always upwards of $1000, that’s pretty good.
Consider, too, that multiline discounts can keep the price down. A multiline discount is when you have more than one type of insurance through an insurance provider. For example, you may insure your home, car, and boat through the same insurer.
When you have various lines of insurance, insurers often will provide a discount to additional types of insurance added. This could actually decrease the amount you pay overall or only add a few dollars a month to the total.
Being a Steward: Taking Care of the Past
While the idea of owning an old classic car or vintage car sounds amazing, it’s a major responsibility to current and future generations. As many homeowners of historical buildings know, it isn’t all fun and games.
In the end, you’re a steward of a magnificent machine that also happens to be an important part of history. No doubt the great job you do brings joy to you and others. Keep it going with an insurance policy that covers it all.
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