Those interested in obtaining classic car insurance should first understand that simply having an older car doesn’t necessarily make your car eligible for this type of insurance. There are other requirements. Although the requirements can vary from company to company, there are some requirements that tend to be universal when it comes to classic car insurance. Our team at Oak Ridge Insurance Services is committed to educating our Oak Ridge, NC customers on the requirements of classic car insurance.
What is Classic Car Insurance?
First of all, your car must be restored to or kept in good condition to qualify as a classic car. Classic cars are usually anywhere from 15 to 20 years old, but less than 40 years old. As a general rule of thumb, classic cars are usually at least twenty years old. Most classic car insurance policies will insure a car that’s not a daily driver and is driven 5,000 miles or less a year. The original design and specifications should also be kept. However, as stated above, the requirements may vary from company to company. That is why it’s a good idea to shop around.
How Does Classic Car Insurance Work?
Classic car insurance operates on the premise that both the car owner and the insurance company agree on the value of the car. Your classic car is appraised and an agreed-upon value is assessed. This differs from conventional car insurance. Classic car insurance also provides services tailored to the needs of older/classic cars. Your insurance company may provide expert exotic/classic car repair as well as coverage for displaying your classic car at car shows. If you have questions about classic car insurance, the requirements, and what’s covered, give us a call. Our team at Oak Ridge Insurance Services is standing by.