How to Insure a Classic Car as a Daily Driver
There’s no denying that classic cars are beautiful. They have character and style that is unmatched by any modern car. But what happens if you accidentally damage or lose your classic car? In this blog post, we will explore the basics of automobile insurance and how to ensure your classic car remains insured as a daily driver. We will also provide tips on how to make the most of your coverage in order to protect your investment.
What is Classic Car Insurance?
Classic car insurance protects vehicles that are at least 25 years old and have a value of no more than $100,000. Types of coverage include collision, theft, and comprehensive. Collision coverage pays for damages to the vehicle if it is involved in an accident. Theft coverage pays for the cost of replacing your car if it is stolen. Comprehensive coverages protect you from financial losses if something happens to the car that isn’t covered by the other two types of coverage.
Types of Coverage You Need
If you want to insure a classic car as a daily driver, there are three types of coverage you need: primary liability, collision, and comprehensive. Primary liability covers you financially if someone is injured in a crash while driving your car. Collision insurance pays for damage to the car itself or to another vehicle involved in the crash. Comprehensive coverage pays for things like loss of use of the car, repairs, and rental fees if your car is taken away by the authorities because it was involved in a crash.
How Much Classic Car Insurance Will Cost?
Assuming you have a comprehensive policy and are driving a classic car only as a daily driver, here are the rates for classic car insurance:
$1,000 per month for liability coverage
$500 per month for property damage liability coverage
Optional $50 per day collision coverage
What to do if Your Car is Involved in an Accident
If you are in an accident with a classic car, the first thing to do is contact your insurance company. You may also want to take pictures of the car before and after the accident. This will help determine what repairs or replacements need to be done. If you are able to get a police report, make sure to include that as well. This will help with any potential legal proceedings that may occur.
How to Save Money on Classic Car Insurance
There are a few ways to save money on classic car insurance.
One way to save is to find a policy with a lower deductible. This means that you will only have to pay a small portion of the claim if something happens to your car.
Another way to save is to get a policy with collision damage waiver (CDW). This type of coverage covers damage done to your car in an accident, even if you are not at fault.
Finally, make sure you are aware of classic car discounts offered by your insurer. These discounts can amount to as much as 50% off your premium.
Conclusion
If you’re like most people, your classic car is a treasured possession that you take care of carefully. But what if something happened to your car—something that destroyed its value as a daily driver? Fortunately, there are a few things you can do to insure your car against these kinds of accidents. First and foremost, make sure you have the proper insurance coverage in place. Then, keep your car in good condition by avoiding unnecessary repairs and keeping it clean and tidy. Finally, drive with caution: avoid accidents and stay safe behind the wheel!
