Classic car insurance is important for classic car owners because these types of cars need more attention from owners compared to regular car types. Most of the time, if classic cars are well maintained by their owners, they can fetch a high price in the market due to their rarity and therefore their owners tend to make claims even though the damage to the cars is probably only minors. Regular car insurance may not be able to protect classic cars to such an extent and therefore there is a need for classic car owners to purchase classic car insurance to protect the cars to the fullest.

There are some special requirements that you must meet before you can buy classic car insurance for your car. First of all, you must have a good driving record with at least ten years of experience. Teen drivers or drivers with very poor driving records are generally not eligible for a classic car insurance policy. This is because classic cars are not the safest, and inexperienced and reckless drivers may not be able to drive valuable cars responsibly enough.

Next, you must also have proof that you have another car for your daily transportation. Most of the time, there will be a limit to the mileage on your classic car if you plan to insure it with classic car insurance. You can’t drive the car very often with the limited mileage. Therefore, you must have another means of transportation for your daily commutes before you can buy classic car insurance.

Your car must also reach a certain age before it can be classified as a classic car. If you are not old enough, you generally cannot qualify for insurance. You should check with your insurance company to determine the age of your car required to obtain a classic car insurance policy.

Next, you must also know the value of your policy. There are three types of value, which are actual cash value, declared value, and agreed value. Actual cash value is what you typically get from regular auto insurance, which is the cost of the car minus depreciation. Declared value is a declared value of the car that the company would pay for, but cannot guarantee that you will pay full declared value. The deductible up to $1000 usually applies in this type of valuation. The agreed value is an agreed value between you and your insurance company. For this valuation, there is no deductible most of the time.

Buying the right classic car insurance for your car is very important so that you can get enough protection from the policy in any case of damage or theft.