Classic and antique car collectors spend hours and hours taking care of their special vehicles. For many, these cars may contain a handful of memories from their childhood and for others, it is a work of love as they carefully restore these relics from our past to exhibition mode.
These collectibles may only see the open road once or twice a month to enjoy a Sunday cruise or flex their muscles at a car show. While these beauties may not see much road time, you need to have the right car insurance to protect your investment in history.
Correct car insurance for my antique car
Collector car insurance
Do you know how your car is classified? Knowing which category your collector's item falls into is the first step to getting the coverage you need.
The term collector is used to describe all cars that may be of value to a collector. Cars from each of the previously mentioned groups can be both collector cars and relatively new cars. Collectibles do not have to be old, for example the Ford GT from 2006 pays homage to Ford's sporty race cars & # 39; 60 GT, making it a very collectible car.
Late Model Cars
The definition of late model cars varies but it is usually used to describe newer cars. It is often used to describe cars that have been recently designed or manufactured. Among collectors, it is recognized that some cars in the 20s and 30s can have great value even if they are not yet antiques. These cars are considered to be late model cars.
Normally, the standard for antiques is that they must be at least 30 years old, but the Antique Automobile Club of America originally defined antiques as vehicles that are at least 25 years old. Most states and provinces will not issue historic or veteran plates for cars under 30 years of age.
Some groups call Chevrolet & # 39; 55, & # 39; 56 and & # 39; 57 classics, but the Classic Car Club of America claims that these are not classic cars. Instead, the CCCA dubs this group of milestone cars because they were a significant influence in the market when they were produced. However, this terminology differs between organizations.
Classic cars are the most specific category and are defined by the Classic Car Club of America and must meet three standards. They must be "nice and distinctive cars", made in the United States or abroad between 1925 and 1948, and must have originally been an expensive car.
In general, a vintage car is an old car. Among collectors, however, the term vintage refers only to cars manufactured between 1919 and 1930.
Collectible Car Coverage
When it comes to insuring your classic, antique or vintage car , you will quickly find out that it is not the same as insuring the family car. If your car is a collector's item, you want to look at a policy designed specifically for collector's items. While your regular car is insured with the thought that it will deteriorate in value almost immediately after you buy it, a classic or antique car may appreciate in value – especially if you plan to put in the effort to restore it.
Surprisingly, you may find that the premium is lower on your classic or antique car, although it may incur a higher replacement cost. This is because collectibles such as classic, vintage and antique cars tend to spend more time in the garage than they spend on the road.
Depending on its designation, your car may be restricted to driving only at certain car club events, parades. or other special occasions. When researching coverage options, it is important to know if your car will be used primarily for exhibitions rather than regular driving.
Your collection is secure thanks to Paradiso Insurance
No matter what car category you own – and love – Paradiso Insurance can provide tailor-made car insurance products to ensure that both you and your car are protected. We know that your antique or collector's car is an important part of your personal performance of The American Dream. Call us, come by our office or use our quote request form to see how we can protect your dream car.
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