3 Things to Know Before Insuring Your Classic Car
What To Know Before Selecting Classic Car Insurance
For a number of years, I spent thousands of dollars annually on Stated Value Coverage for my classic car, a hot-rodded 1955 Studebaker Champion. At the time, it was my only option because I didn’t qualify for Classic Car Insurance. After getting a car for daily use, I finally qualified for Classic Car Insurance which lowered my annual premium on my Studebaker from $1844/year to only $95/year through Condon Skelly Collector Car Insurance! Here’s how I saved $793 with Classic Car Insurance.
Want to save that kind of money too?!
3 Things to Know Before Changing Your Classic Car Insurance:
I wish I had known a few things before I went through the process of getting car insurance – so I’m going to share them with you now!
#1 What’s needed to qualify for Classic Car Insurance?
The most basic things, as stated on most Classic Car Insurers websites are:
- Must have another car insured as daily driver.
- Must have a secure place to park your classic car. (This doesn’t have to be your place of residence. Had I realized this, I may have been able to get classic car insurance earlier.)
- *Did you know it doesn’t have to be OLD? A new Corvette or Mustang can be insured with classic car insurance.
Since I’ve recently “inherited” a 2001 Ford Explorer and moved to a house with a garage, I meet these criteria. As I began to look around at Classic Car Insurers, I realized they are not all the same. I also encountered a few obstacles I wish I’d known before hand.
#2 What are the Differences In Classic Car Insurers?
- Do they have a mileage limit?
- Do they dictate when or where you can drive your car?
- What coverages do they offer?
My Studebaker is part of my daily life. I wasn’t going to agree to only drive it 2500 miles a year or only to car shows/car events/car club things. And Stude is my baby! I wanted to be sure that she’ll be well protected if anything ever happened (and me too). Finally, I wanted this process to be as simple as possible.
After looking around at a number of the usual contenders in the Antique Car Insurance world, I ended up choosing Condon Skelly. Why? That’s easy:
- No mileage limit.
- Drive your car where you want to.
- Great coverage choices.
- Not to mention, their quote was the one of the least expensive around.
I realize that not all car collectors are created equal: I wanted a policy that allowed me to drive as much as I wanted, but not everyone needs that type of coverage. The great thing about Condon Skelly is that they’ll customize a policy to fit your needs – however you’re using your car. I told them what I wanted, and they gave me the coverage I needed. Simple as that.
Now that I’d chosen Condon Skelly as my provider, I just had to go through the whole switch-over process. This part was more complicated than I expected, but I learned a few things along the way which I can now share with you:
#3 What to Know Before You Start or Change Insurance Companies
- The coverage limits on your daily driver must match the coverage limits of your Classic Car Insurance.
Before applying for Classic Car Insurance, check with your standard auto insurance provider to find out what your liability coverages are on your personal auto policy. Collector car insurance companies will not insure your collector car with higher limits than you have your personal auto insured for. I didn’t know this when I first applied for Condon Skelly’s coverage, and it created a set back that cost me time and money. In the end, I made changes to my personal auto policy to match the coverage I wanted for my Studebaker.
If you have minimum coverage on your personal auto, consider increasing your coverage before you contact a collector car insurance company. Otherwise, the collector car policy will be written to match your state minimum coverage limits, which probably isn’t enough coverage for your classic.
- Terminating a car insurance policy can cost you! — In California it’s $50! (check for an early termination fee)
When I called my insurance provider to move my Studebaker off its stated value policy and over to Condon Skelly, they charged me $50 to terminate the policy early. I might have done things differently if I knew this ahead of time.
I’d encourage you to get the facts and do your research ahead of time. In the end, I’m very happy with my choice of Condon Skelly to provide my Studebaker and me with Classic Car Insurance and the protection I need, without restrictions I don’t need, at a great price.
Condon Skelly is the official classic car insurance company of MyRideisMe.com.
Damn that is cheap! When I get my classic car, I know what I am getting.