If you own an old car, you might be wondering if you can get insurance for it in the United States. The answer is yes, but there are some factors to consider before choosing the best policy for your needs. In this article, we will discuss:
- What is old car insurance and how does it differ from standard car insurance?
- What are the benefits and drawbacks of old car insurance?
- How much does old car insurance cost and how can you save money on it?
- Which insurance companies offer old car insurance and what are their ratings and reviews?
What is old car insurance and how does it differ from standard car insurance?
Old car insurance, also known as classic car insurance or heritage car insurance, is a type of coverage designed for older cars that are primarily used for leisure purposes.
Old cars are usually defined as those that are at least 15 to 25 years old, depending on the insurer, and have some historical or collectible value.
Old car insurance differs from standard car insurance in several ways.
First, old car insurance often works out cheaper than standard car insurance, because insurers assume that old car owners drive less frequently and take better care of their vehicles.
Second, old car insurance usually has a lower annual mileage limit, ranging from 2,000 to 5,000 miles, depending on the insurer.
Third, old car insurance typically requires an agreed value for the vehicle, which is the amount that the insurer will pay out in case of a total loss or theft.
This agreed value is usually higher than the actual cash value or the replacement cost of the vehicle, which are used in standard car insurance.
What are the benefits and drawbacks of old car insurance?
The main benefit of old car insurance is that it can save you money on your premiums while providing adequate coverage for your vehicle.
Old car insurance can also protect your investment in your vehicle, as it can cover the full agreed value of your vehicle in case of a total loss or theft.
Additionally, some old car insurers may offer perks such as roadside assistance, spare parts coverage, or discounts for club membership or multiple policies.
The main drawback of old car insurance is that it may not be suitable for every old car owner.
If you use your old car as your primary vehicle or drive it more than the mileage limit, you may not qualify for old car insurance or risk being uninsured.
If your old car does not have much historical or collectible value, you may not benefit from the agreed value coverage or pay more than necessary for it.
Moreover, some old cars may not have the same safety and security features as modern cars, which may make them more prone to accidents or thefts.
How much does old car insurance cost and how can you save money on it?
The cost of old car insurance depends on various factors, such as the type and make of your car, your driving history and record, your location and where you park your car, and the level and type of coverage you choose.
According to ValuePenguin, the average cost of comprehensive coverage for old cars is $134 per year, and the average cost of collision coverage is $290 per year. However, these costs may vary depending on your specific situation and insurer.
There are several ways to save money on old car insurance, such as:
- Comparing quotes from different insurers online or through an agent
- Choosing a higher deductible or a lower level of coverage
- Bundling your old car insurance with other policies, such as home or life insurance
- Taking advantage of discounts for safe driving, low mileage, anti-theft devices, or club membership
- Maintaining a good credit score and a clean driving record
Which insurance companies offer old car insurance and what are their ratings and reviews?
There are many insurance companies that offer old car insurance in the United States, but some of the most popular ones are:
- Hagerty: Hagerty is one of the largest and most reputable insurers of classic cars in the world. It offers flexible coverage options, high agreed value payouts, low deductibles, roadside assistance, spare parts coverage, and discounts for club membership or multiple policies. Hagerty has an A+ rating from the Better Business Bureau and a 4.5 out of 5 rating from Trustpilot.
- Grundy: Grundy is another well-known insurer of classic cars that has been in business since 1947. It offers unlimited mileage coverage, high agreed value payouts, no deductible, roadside assistance, spare parts coverage, and discounts for multiple policies. Grundy has an A+ rating from the Better Business Bureau and a 4.1 out of 5 rating from Trustpilot.
- American Collectors: American Collectors is a leading insurer of collector vehicles that has been serving customers since 1976. It offers flexible mileage options, high agreed value payouts, low deductibles, roadside assistance, spare parts coverage, and discounts for multiple policies or security systems. American Collectors has an A+ rating from the Better Business Bureau and a 4.7 out of 5 rating from Trustpilot.
These are just some of the insurance companies that offer old car insurance in the United States.
You should always compare quotes and reviews from different insurers before choosing the best policy for your needs.
You can also check out online forums or websites dedicated to old car enthusiasts for more information and advice.
Conclusion
Old car insurance is a type of coverage that can help you protect your old car and save money on your premiums. However, it may not be suitable for every old car owner or every old car.
You should consider the benefits and drawbacks of old car insurance, the cost and ways to save money on it, and the insurance companies that offer it before making a decision.
Remember to always compare quotes and reviews from different insurers and choose the best policy for your needs.
