Buying a classic car requires as much, if not more work than getting a brand new one from the car dealers. You should always approach the transaction as a very important deal as you would probably be spending thousands of dollars in acquiring this new car.
Follow these guidelines when buying a classic car and you will enjoy getting the best deals from a classic car sale.
#1: Price Change
If you are a true lover of classic cars, you would probably be aware that the value of the car changes significantly within one or two years. For instance, the classic Mercedes Benz can easily pick up a cool $7000 for a 25 year old version but the price would greatly drop for one that is 23 years old. Make sure you know how much the car really is worth and what others are paying for the same model and make.
#2: Check for Rust
Do check for the presence of rust in important areas such as the wheels, the trunk and the joints .Different models rust in different ways and it helps to do a little research to find out what is common for the model you are interested in. It helps to get online and read reviews where possible so you can get a good idea of what to expect when dealing with a classic car
#3: Sunny Classic Cars
Are you aware that the experts recommend getting a classic car from those sunny areas of the country such as California as these cars are free from snow, which means that it tends to rust slowly than those being subjected to the harsh changing weather throughout the year. California classic cars are more expensive than classic cars from other locations.
#4: Restoration Job
Always check to see how much you have to pay for the restoration job. Sometimes, it is possible to get a car at a really low price but the restoration job to get it fixed is way higher than what you would need to pay for a classic car in good condition. Sometimes, what seems like a good deal may not be as enticing down the road when you realize just how much you have to pay to get the car restored to a workable condition.
#5: Project Car
Some cars are really beyond repairs and the owner just wants to get rid of those to avoid cluttering up their home. These cars are fun to get as they are really cheap and you can use it to create a new car project that attempt to restore the old car into a workable condition.
#6: Replacement Parts
Some classic cars are easily replaced when any of the components need to be changed. Mustang and Chevrolets are great examples and you can easily order the replacement part online or through a catalog.
Above all makes sure you know about the type and model of the classic car you are getting, Understanding how it works and how much you expect to pay for it gives you an added advantage when dealing for the best prices with your car d ealer.
Classic car insurance from a specialty insurance company has a lot of advantages for those of us who own and drive a muscle car, antique car, or other collectible or special interest vehicle. These policies offer much better coverage for less money than a standard auto insurance policy. There is a lot to consider, though, when comparing classic car insurance companies. Each company has its own advantages and disadvantages, and it is important that you find the insurance company that offers the best fit for your situation.
Hagerty Classic Car Insurance has been offering specialty collector vehicle insurance since 1991, and is one of the largest and most well-known collector car insurance companies. They are car collectors themselves, so they understand the insurance needs of other classic car owners. Their policies offer:
- Agreed Value coverage – you receive the full insured amount in the event of a total loss
- A wide range of deductibles, from $0 and up
- Single liability charge, which saves you money on the premium if you have more than one classic vehicle insured
- In-house claims management – most claims are handled at Hagerty by a collector car insurance expert, seven days a week from April through October
- Repair shop of your choice – you get to choose the shop you want to handle any repairs
- Instant new purchase coverage – a new addition to your collection is automatically covered up to $50,000
- Car show medical reimbursement – clients and their family members get pre-determined medical coverage if they are injured at a car show
Hagerty Classic Car Insurance also offers special policies for coverage during an active restoration, for business-use endorsement, coverage during overseas shipping, and foreign liability and property damage if you take your car to an event overseas. You can get additional coverage for your automotive tools and memorabilia, spare parts, and even motorcycle safety equipment coverage. Hagerty also has a car club liability program.
The optional Hagerty Plus program offers even more benefits for its members, including emergency roadside assistance and flatbed towing coverage, a subscription to the Hagerty magazine, and access to the “Ask Hagerty” concierge service. They are active advocates on legislative issues related to the collector car hobby, and a portion of the membership fees go to support The Collectors Foundation, which provides scholarships and grants to organizations working to preserve the hobby through education and other avenues.
Hagerty does have some restrictions, though, on who and what qualifies for their insurance. Drivers with more than one or two minor traffic violations or accidents in the past 3-6 years may not qualify. The vehicle must be used on a limited basis, going to automotive-related events or an occasional pleasure drive. If you drive your classic car very often or very far, you might be better off considering a different specialty insurance company that doesn’t place limits on how much you drive your car. Like most other companies, your vehicle must be stored in a fully enclosed and locked garage when not in use. And like most other collector car insurance companies, you must have a “daily driver” that is insured in your name in addition to your classic car.
Insurance policies are available for most antique and classic cars, street rods, muscle cars, military vehicles, antique fire trucks, tractors, motorcycles, and some replica cars. However, Hagerty does not offer insurance for Cobra replicas, off-road vehicles, many Pro-Street cars, any vehicle equipped with nitrous, dune buggies, commercial vehicles, or motorcycles that are modified for performance. They do offer policies for some of the “late model classics”, exotic, special interest, or limited production vehicles, as long as they are being treated as a collectible and are driven on a limited basis.
Hagerty Classic Car Insurance is a great option as long as you and your vehicle meet their qualifications and you don’t drive your car extended distances each year. I will soon be adding articles on other collector car insurance companies, with different qualifications and restrictions. Take a look at my other articles, and make sure that you choose the classic car insurance company that fits your needs the best.
If you have a classic there are many things to consider. Of course, insurance should be one of your top priorities. Most people who own a classic spend a lot of money restoring the car and upgrading it. Getting in a wreck without insurance could cost you over 30 thousand dollars in some cases. If you are in search of a new insurance policy consider the following factors.
Do You Own A Classic?
According to the Classic Car Club of America a car is defined as classic if it was manufactured between 1925 and 1948. Antique cars are manufactured before 1916. When you are ready to get car insurance for classic cars quote you need to know the year of your vehicle.
In addition to the year of manufacture there are other standards that must be met for your car to be a classic. In most cases your car will need to be in a certain condition and have specific amenities. However, you can go online to view the guidelines for antique cars today.
Searching for Insurance
Once you have determined that your car is a classic it is time to start your search for car insurance for classic cars. Start by searching online using your zip code. This will provide you with a list of local companies or companies that offer coverage in your area.
You can also visit online insurance comparison sites to view several quotes at once. These sites make it easy to quickly compare coverage. However, when searching for a classic car you may want to search for companies that cater specifically to classics.
What Kind Of Coverage Do You Need?
Car Insurance for classic cars can be very high. After all repairing a classic car can be expensive. However, there are different types of classic car insurance. You can get insurance for the restoration period. This ensures you are covered if anything happens to your partially restored car. Next you can get insurance to cover your car during car shows. If you haul the vehicle your rates are lower than if you drive it. Finally, you can get insurance that covers your car anywhere and everywhere you go.
Classic Coverage Costs
Insurance for classic cars can be expensive. However, there are ways to save on coverage. First, contact your agent and see if you can combine your insurance to save money. Placing your home, health, life, and auto insurance under one roof will greatly reduce your costs. Second, shop around. If your rates are still too high look online for rates that are better. Third, Make sure your driving record is clear. Tickets, at-fault accidents, and negative credit items can send your insurance rates through the roof.
As you can see finding affordable insurance for classic cars doesn’t have to be complicated. With just a few phone calls, and internet searches you can find reasonable rates and coverage levels. The secret to success is to search until you find a rate you are comfortable with.
If you’ve just bought your first classic car you will need to consider not just where, but also how you are going to insure it.
As a classic car owner it matters not if you drive a perfect condition Ford Capri 3 litre from 1970, a beat up old Morris Minor from the Sixties or a sleek E-type Jaguar in British racing green, it is essential that you find the best classic car insurance cover for your cherished motor, that covers your individual risks at prices that won’t break the bank!
If you have not owned a classic car before it is important to realise that there are basic differences between what is known as a standard car insurance policy and the cover offered under one defined as classic, from a specialist car insurer.
The first thing to establish is whether your car is eligible for cover under a classic policy. One way you could do this is ask the previous owner whether it was covered under a classic car insurance policy and with which insurance company.
Different car insurance companies have different definitions of the age and type of vehicles that can be covered under this type of cover.
What might be easily covered with one provider may be excluded by another. Fortunately most online classic car cover providers provide this information on the first page of their websites, so it is fairly easy to surf around and check your eligibility with different insurance companies.
You should check that both the eligibility of the age of the car in question and also whether there are policy restrictions for your individual driving circumstances, such as your age that would prevent you from applying for cover.
The major variation between a standard policy and those offered by the classic car specialists is in the way that you use your classic vehicle, and in particular, how much you drive it. The large mainstream insurers and price comparison sites will offer cover for older cars but will charge an additional premium because of its age. They will also load the premium if replacement parts for the vehicle type are known to be expensive.
More importantly you will only be offered the current market value replacement if the car is covered under a mainstream policy and is deemed to be a write-off when you claim.
With a standard car insurance policy on a replacement like for like basis, the value of the car is often set by the market value at the time of a claim, typically taken from one of the car price magazines such as the UK’s Glasses Guide. The amount you will be probably receive for a write-off will be at the current market value of your car which is an annual depreciating amount. Inevitably, if you own a classic car and insure it under a standard policy contract, this leads to under valuation and under insurance of the true value of the car. You will also probably not be offered the salvage and a repairable classic car may often be deemed a write-off because the cost of repair is uneconomic to the Insurer.
If you purchase a specialist classic car policy you will be offered a choice of either an agreed valuation of the classic cars worth or a policy based on market value.
An agreed valuation amount is the amount that the insurance company will pay out in the event of a claim that results in a write off. This is a major benefit of insuring classics under specialist policies because it ensures that you are not just properly covered but will also receive the specialist repair services that your classic will require should you claim. It should be noted that even agreed valuation polices can change and you should ensure that the value is guaranteed for a certain period of time to avoid fluctuations in market values.
Classic Car insurance polices are therefore tailored to the needs of cars considered to be collectable and effectively the valuation is a rating factor for the condition of the car.
The other major difference between standard and classic policies is in the way that you are allowed to use your car under the terms of the agreement. Originally this type of vehicle insurance was designed for drivers who do not use their classic cars much.
All classic car policies have a limited mileage clause which only covers the vehicle for an agreed amount of miles per year. Depending upon which specialist car insurance company you use, there will be a limit to how far you can drive your classic. Some providers will only cover a couple of thousand miles per year under the policy, but many specialist providers are now offering cover up to ten thousand miles per year. These policies reflect the fact that many drivers now use modern day classic cars as their main form of transport.
As with all car insurance it is important to compare both covers and prices when shopping around. There are many specialist classic insurance providers available online today and many specialist schemes that are targeted at particular classic owners. Compare the premiums offered by these with those from the price comparison sites, but if you want to avoid disappointment if you need to make a claim, be sure to understand the difference in policy covers.