Owning classic cars usually means you are supposed to own classic car insurance, and the reason is quite simple. A classic car is rare, valuable, and quite costly to fix in the case of an accident. The easiest way to prevent this and stay away from trouble is to get insurance, no matter how expensive it might get. If you want to learn more about the prices and quotes you might get, you are at the right place because this article presents a complete car collector insurance guide. Keep reading the article to learn more about it.
First of all, we must understand what a collector car is. Classic cars, old pickup trucks, and retro muscle cars are not the only types of vehicles that belong in this category. A collector`s car might even be a modern car, a replica of a classic vehicle, and even a unique project car. The definition of the term classic car is sometimes ambiguous and different people interpret it differently. To some, a classic car is every car that is produced between the period of 1915 until 1948. To some people, this makes no sense and they see it differently.
For example, some people refer to the 1961 Jaguar E-Type as a classic car, even though it is manufactured in the 60s. The fact that is really important is how insurance companies classify classic and collector cars. In the State Farm`s insurance policy, you are going to find three categories of classic cars. The first category is a classic automobile, which is any car that is older than 10 years, and presents a significant piece of the auto industry. It is also supposed to be restored, is rare, and a lot of automobile hobbyists love it.
Next, we have the second category which is antique cars. They are supposed to be 25 years old or more and should be maintained, restored, or preserved by automobile hobbyists. Also, the car is supposed to be restored. Finally, the third category is replica cars, where the year of production has a specific meaning. For example, a replica can be any car from the two categories mentioned before and will be classified in accordance with the year in which was produced. If you are trying to insure your classic car in State Farm, now you know in which category you should expect to find it.
The reason why we have the categories mentioned before is because of the insurance rate. The older the car, the more expensive the insurance is going to get. The reason is quite simple. Owning an older classic car means owning a more valuable car. This is especially true if your car is restored to mere perfection. The same applies to replicas; the older it is, the more expensive it gets, especially if it is a rare model. After reading this article, you are now ready to go to your nearest insurance company and ask for quotes about your classic and rare car.