Many Americans have taken interest in restoring classic vehicles but when it comes
to insuring them many of these classic car owners are unaware of the options for coverage. Many standard auto insurance policies are not designed to protect antique and classic vehicle to their true value. Quality, upgrades, and cost of restoration are not always considered into the true value of these vehicles.
Insurance companies have developed programs that specifically cater to the needs of the true classic car enthusiast. These policies are offering a significantly higher amount of coverage and are mainly sold at an agreed value basis. This gives far superior protection to the policy holder, ensuring that they are protected to the actual value of the vehicle itself.
With many of the classic car insurance programs the annual premium can be up to 75 percent lower than insuring the same vehicle on a personal auto policy but there are qualification restrictions that need to be meat in order to qualify for the policy.
Most of the companies that offer this type of coverage require that these classic vehicles are only used for recreational use such as car shows, pleasure driving, and club events. They go as far as to verify that the insured and all household residents have other vehicles insured to use for daily use.
Another common requirement is that all of the household residents have a good driving history with minimal tickets or accidents.
Although not all classic car owners will qualify for the insurance policies, there is a sufficient amount of driver that do qualify to support these programs being offered by many insurance companies across the United States.