Classic cars are similar to exotic cars; although very valuable and expensive;  they don’t just belong to the richest and most affluent members of today’s society. Even though classic cars are rather old, they age like fine wine—the older, the better.

There are three categories under classic cars: Antiques (manufactured before the 20^th century), Vintage (manufactured between the years 1902 and 1933), and Classics (older than 35 years). Each category has their own conditions—Antiques being the most expensive and having the most conditions.

Because of the value of some classic cars, almost all classic cars are either purchased second-hand and restored by hand or inherited. Some are so rare that if they are destroyed, it is impossible to replace them, and thus, owners are dependent on car insurance to give them a substantial amount of money in compensation for the losses.

Because of the scarcity of classic cars, all insurance policies placed on them are personalized. In other words, there are no standards to follow and therefore they become quite costly. In addition, it is the customer who has to comply with the standards set by the insurance company, not the other way. Some of the requirements are:

• The car must not be the primary mode of travel used by the customer.
• The car must be in perfect working condition at all times.
• The car must be old enough to be considered a classic car.
• The car can only be used to drive to certain exhibitions or club activities were the car’s presence is needed.
• The car must be stored in a safe, fully-enclosed garage which is kept locked at all times.

Since the policy you are trying to get is fully-personalized and customizable, you have the option of going for Collision Coverage Protection and/or Comprehensive Coverage.

Collision Coverage Protection denotes that the company would offer compensation in case of an accident. To elaborate, in the case of an accident, the car insurance company will cover all expenses on damages, medical bills, and court costs. Since your classic car will not be used as often as your ordinary car, chances of making an accident during the few times a year that you drive it to an exhibition are miniscule. To be on the safe side, it would be good to be insured in the unlikely case of an accident while if you are on the economical side, it would be better to take the risk and just being extra careful while driving.

Comprehensive Coverage denotes that the company will offer compensation only for damages incurred that are not related to any collisions. There are 2 sub-types under this coverage: Location Coverage Protection, and Spare Parts Coverage. The first one covers the location where the car is stored. For example, if your garage is slowly losing its strength and a piece of wood drops from the ceiling smashing your windshield, the insurance company would pay for the damages done by the garage. The other type, Spare Parts Coverage, refers to parts that are either stolen or just need replacement. To illustrate, if one of the diamond-engraved bolts of your car is stolen by a thrifty thief, the insurance company will be the one looking for a replacement or paying out an equivalent amount in money.

Because classic cars are rare, they are extremely expensive to insure and have much more terms and agreements than ordinary automobiles.  Since policies are not standard, it is imperative that you read and research a lot about insuring these sorts of cars to avoid any unpleasant surprises when the inevitable happens.

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