When you own a collectible, classic, or antique vehicle, getting the right auto insurance is paramount to protecting your property. With the variety of plans and options available, it can be challenging deciding what to choose. While an insurance broker can help you narrow down your options, here are three features you should look for in your classic car auto insurance.
High Mileage Limits
Many people purchase and restore classic cars to display at auto shows. If you bought yours to drive, however, you need to ensure the policy you purchase covers the mileage you expect to put on the vehicle. However, many insurance company assume people won't be using their classic cars that much, so the allowed mileage on the policies tend to be low. In fact, it's pretty common to see a limit of 2,500 miles per year on a classic car plan.
Thus, you need to search for a policy with higher or even unlimited mileage, whichever suits your lifestyle and goals. Be aware, though, that higher mileage allowances typically mean higher premiums, because there is a bigger risk of you getting into an accident when you use your vehicle more frequently. However, classic car insurance is still cheaper than policies for modern cars, so the amount should remain wallet friendly.
Guaranteed Flatbed Towing
Just because you completely renovated your classic car doesn't mean you'll never have problems with it. It's still a machine susceptible to breaking down, usually at the most inconvenient times. Because of this, you want to make sure your classic car insurance policy includes roadside assistance, so you can get help whenever you need it.
More specifically, though, you want to make sure the policy stipulates guaranteed flatbed towing. It if doesn't, there's a risk you might end up with a towing company that uses a hook and chain or wheel lift to tow the vehicle. The problem with these methods is they can seriously damage the vehicles they're moving. The chain can scratch the car and a wheel lift tow can break a vehicle's transmission if it's not hooked up correctly.
The safest method to transport your classic car is via flatbed towing. First, the truck lifts the car off the ground, better protecting it from flying debris, such as rocks. Second, it's much easier to secure the vehicle when its on a flatbed, so there's less risk the car will detach from the truck and get severely damaged.
The insurance company will typically say upfront whether flatbed towing is guaranteed or not. If it doesn't, don't be afraid to call the company to determine whether this is an option for your policy.
Car Collector Discount
If you have more than one classic car, insuring them all can get a little expensive. Thus, it may be worth the time and effort to find an insurance provider who will give you a discount for insuring multiple classic cars through the company. This can save you quite a bit of money while ensuring your vehicles are covered in case they're damaged in some way.
It's important to note that the vehicles will typically all be insured under one policy, so you need to make sure the policy limits completely cover the value of all your vehicles combined. For instance, if you have 3 classic cars valued at $35,000 each, the policy limit should be a minimum of $105,000.
It also wouldn't hurt to see if you can get a discount off your classic car policy by insuring other items through the company. For instance, some insurance providers will give you a discount on your premiums if you insure both your home and your vehicles through the company.
For more information about classic car insurance, contact an insurance broker.