Classic car insurance policies and requirements have changed over the last few years. Because the new models are very high-tech, older cars, usually over 15 years old, now fit into the category previously reserved for vintage cars. These cars are usually in collections and rarely driven, but classic car insurance may cover some cars that are still used regularly. Fewer people are buying new cars in the economic downturn of the last several years, and 50 percent of the cars on the road qualify for classic car insurance. For the owner of an old car, it is worth searching insurance companies online to see if they qualify for the lower premiums.
In the past, the restrictions for classic car insurance included specific qualifications for type, make, model and age of the car. Often specialist insurance brokers were the only companies that insured vintage cars. Today, the larger insurance companies are taking advantage of the large amount of automobiles that come under the previously exclusive parameters.
Classic car insurance was always less expensive than the regular insurance because the cars were so little used. Now that there is so much competition among insurance companies to get customers, the prices are getting even lower.
As with any major investment, it is better to research all options before choosing classic car insurance. There are restrictions for the amount the vehicle can be driven, which may make this type of insurance impossible for some. The amount varies with insurance company, but it can be as little as 3,000 miles per year. This will not be sufficient for those who commute to work or like to travel distances to visit friends and family. These details and more need to be ascertained before a policy is chosen because often the restrictive conditions don't become clear until there is an accident and a claim is made. At this point, it is too late to get coverage for damage.
Another aspect of classic car insurance to consider is the lifestyle of the car owner. The premiums are often adjusted according to the age and gender of the owner. Policies for women and older people tend to be less expensive. Insurance companies also vary quotes according to the age of the owner. Some will give classic car insurance to people as young as 21 years, and some will not give unless the owner is over 25 years.
Most old cars do not have very high resale value and do not warrant classic car coverage, even if they qualify under the requirements. For these cars, an ordinary automobile insurance policy would probably be less expensive. Mainstream companies can offer discounts, especially to customers online, and special offers that Classic Car Insurance providers cannot.
Whichever type you choose, be very careful to understand the terms and conditions, so there are no surprises at the time you need to make a claim. A policy that seem good and is inexpensive may not give all the coverage you need. Automobile insurance should serve your needs without being costly.