Classic car insurance is a specialized insurance instrument designated for certain cars. Classic car insurance is not a standard type of coverage and has special protections for your investment. Although, Insurance companies have certain requirements to classify your vehicle under their classic car insurance program.

In large part, classic car insurance companies define the age of a classic car as one that is at least 15 years old. However, a few states define a classic car as 25 years or more, checking with your local DMV may help to clarify the age in your state.

The insurance companies have stricter requirements on classic car insurance than they do on regular vehicle coverage. Aside form the age of a car, the insurer also requires certain conditions an owner must adhere to. These requirements will include the minimum age of the driver, how many years he has been driving, storage of the vehicle, and a limit on annual mileage. In addition the insurance company will negotiate an ‘agreed upon’ value for your classic car .

The majority of states permit the insurance company and owner to arrive at an agreed value of the vehicle. You and the insurance company will set a value on the classic car that will become part of the policy. The amount is the total loss value of the car in specific monetary terms. Unlike a regular vehicle, where ‘the blue book’ or fair market value determines the total loss value of a vehicle.

As for the age of the driver, most providers require a driver to be at least 25 and have at least 9 years driving experience. Naturally, the insurer will also request a DMV report before writing your classic car insurance policy.

An annual mileage limit is usually required by the insurer, in most cases this limit is 5000 miles. Some providers will allow you to choose a lower annual mileage, which may lower your monthly premiums. Although the insurer will not regulate you driving the car to shows, clubs or hobbyist activities, you will be limited from using the car for many other purposes, including daily commutes, and commercial purposes.

To get the best out of your classic car insurance, find a company that specifically writes this type of policy. You will find that specialists in this field are better situated to handle your specific needs.

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