10/17/12 03:50PM Antique, Classic Cars, hot rods, Insuring your Classic, Muscle Cars, vintage

Buying a classic car is often something that collectors or enthusiasts do as a way to own a special


Buying a classic car is often something that collectors or enthusiasts do as a way to own a special piece of history. Sometimes the car has personal significance, like a car one's grandfather drove or a famous movie car. In other instances, it's to have bragging rights for owning a very expensive car, like 1936 Bugatti Type 57C Atlantic.

For owners, classic cars are fun to have and drive. Classic car drivers want to be seen. Roll the windows down, and say hello to people who gaze admiringly at the vehicle. Enjoy the attention! You've spent a good deal of time and energy searching for a classic car.

Car insurance rates for a classic car are a bit complicated and different than for standard cars. For that reason, here are a few tips for finding the best classic car insurance for your new classic car.

Finding An Insurer

Once you have purchased your dream car, then securing the right kind of insurance should be next on your list. Check with your current auto insurer to see if classic car insurance is offered. Search online for comparison insurance rates. Ask around at classic car clubs or car auctions for a specialty classic auto insurance company. It's important to understand the aspects of insuring a classic car and how it differs from regular car insurance.

Insurance Requirements & Features

Specific requirements must be met to secure a policy with a classic car insurance company. The main requirement is usually that the car is not used for everyday driving. To prove this, you must show that your household has another vehicle.

Insurance companies also check mileage figures on a classic car to see if it falls under the maximum threshold for a policy. Exceeding that limit means you will no longer quality for the specialty insurance policy. The policies often have tiers though, which means if you expect to drive it a little more than normal that you can pay extra for a higher tiered policy. Tiers generally start at 2,500 miles per year.

Covered or Garaged Cars

Another common requirement is for a classic car to stay garaged or covered when it is not in use. This is important because most damage to classic cars occurs at home, since the vehicle is not driven regularly. And a garage or cover helps to reduce the possibility of damage.

Since a classic car owner's yearly driving is minimal, insurance policies are generally inexpensive. In fact, classic car owners pay between 25 percent and 33 percent less for a classic car policy than for insuring a primary household vehicle. Note that if the car is a valued collectible that you will need to have it independently appraised to get insurance for the full value.

As long as you are not planning to race your classic car, normally not allowed under classic car insurance policies anyway, you should have no problem keeping your classic auto insured.