When they are well looked after and maintained some of the older cars can be worth a lot. Some people have special attachment to certain cars and they keep them in pristine condition. Under normal circumstances these automobiles would not be worth even insuring as they are too old to get repaired. However, you may have taken the time and painstakingly restored them to their former glory.
These cars are not cheap to maintain because it is not easy to find their parts. Regardless of them being a classic or not you like them and they have certain value to you. Unless you point out this fact and prove how much you spent on it auto insurers may not realize or appreciate their worth. They would assume they are not worth much and would not offer a decent settlement for them. Unless you arrange a special coverage for them based on their agreed value.
Even only several days in a year you may still drive them on the roads. Therefore, you would want state imposed third party liabilities coverage for them. Cars that will be driven on the road regardless of the mileage require public liability cover. Otherwise you will have a problem with DMV and police.
Furthermore, you would want to insure it against collision and comprehensive coverage. Even though they spend most of their time in the garage there is still risk of fire, theft and other damages. Driving only around the block does not guarantee that you will not crash it.
However, you need to keep in mind that there are thousands of old cars similar to yours and they are not worth even thousand dollars. You may have spent several thousand dollars only on the latest updates on it. Therefore, you will need to talk to insurers and get “agreed-value” policy. You and the insurer will need to agree on a set price for it and that would be the amount to be paid if the automobile is ever totalled.
Companies may want to send someone to value it. It is better they are happy with the value you determine before anything happens to it. This arrangement would clarify the question of how much you would receive should something happen to it. Agreed-value policies would allow you to restore them back again. In a normal policy insurers would be keen to total them and pay you only few hundred dollars for it.
Most companies realize that these cars are hardly leaving the garage. They are not kept for day to day driving but for keepsake. So, they may not be expensive to insure the way you want. Talking to various insurers and brokers may offer you much cheaper solutions as well. For example, adding it onto your current regular policy with the agreed-valuation can be a good solution.
In any case remember to keep all the receipts for specific works. You may need them in the future when there may be a claim. Here are a few points to keep in mind when insuring a keepsake or classic car;
- Seek to get these vehicles insured on “agreed-value” basis as discussed above.
- Specialist insurers may offer a better and cheaper coverage for these vehicles. Nonetheless do not count on them. Get a few quotes from traditional insurers as well. They are well capable of handling such coverage as long as you make sure they understand what you want.
- Sometimes policies for these autos may come with low mileage limits like 2,000 miles. Check this out beforehand and make sure they are enough for your purposes.
- Make sure that you will be allowed to take it to a custom repairer if that is your wish. Special paintwork and parts can cost a lot of money. The insurer needs to understand that. Otherwise, they may keep talking about sending it to an approved garage.