Have Your Best Classic Car Auto Insurance in MN!
Classic cars are a wanted collectible item, and that means their value usually goes up every year, unlike regular cars and trucks. So, as long as you take good care of your classic or vintage vehicle, you will have a good investment, and that investment must be protected via American classic car auto insurance in Minnesota.
What Is Classic Car Insurance?
There is a big difference between regular auto insurance and classic car insurance MN owners need for these special types of vehicles. Regular car insurance covers a vehicle based on how much the car is worth as a cash value. What that means is if you have an older car, it has likely depreciated in value so if it is totaled then you won’t get the same amount of money as the car cost new.
However, if you have a classic or vintage car and have American classic car insurance Minnesota car owners need to have, then your coverage should be for a guaranteed amount you negotiate with the insurance company that is based on its expected value as a class or vintage vehicle. It is somewhat like a Kelly Blue Book for classic and vintage cars, and the classic car insurance MN agents use trusted types of publications for this or things like a professional classic car appraiser’s statement, or other kinds of official documentation paperwork.
Kinds of Classic Car Insurance
When it comes to talking to an agent about buying the best classic car auto insurance MN owners should have, there are several kinds of classic car insurance MN owners can choose from. These include:
- Regular Classic Car Insurance – If you own a vehicle that is between 19 and 24 years old, and you have kept it in good shape, it runs and is in better condition than others in this category, it may be considered eligible for American classic car insurance Minnesota owners want. For instance, if you ask anyone in the Class Car Club of America, they will likely tell you that a classic car is one made in the years 1925 to 1948, but other places will include other range of years, so talk to your car insurance agent to get the best advice.
- Antique Auto Insurance—If your vehicle is over 25 years old, runs and has been restored or maintained, it could be considered an antique car or truck. However, some organizations say the car or truck has to be more than 45 years old, so again, talk to your agent for the best and most up to date information on the best classic car auto insurance MN owners must have to protect their vehicles.
- Modified Auto Insurance – There are specific criteria for your vehicle to need to be modified auto insurance to cover it for damage or loss. Talk to your agent, but usually, most insurance companies say that a modified car or truck is one that the owner has meaningfully transformed the vehicle’s engine, its body, the car chassis or its inside appearance from how it was when it first rolled off the production line.
Sometimes even if you want to though, some insurance companies won’t insure these vehicles because it is impossible to get replacement parts for them, so it’s vital to find out if your vehicle needs this kind of classic car insurance MN.
- Kit cars and copies – These vehicles are those that someone has put together themselves and modeled them after an existing type of car or truck. They also usually must be 25 years or older. These kinds of cars could be those such as modified hot rod vehicles put together earlier than 1949, modified vintage cars put together 1919 to 1930, veteran cars created prior to 1919, and other types of rare vehicles like motorcycles, tractors, military vehicles, and motorsports vehicles that are old or antique. Again, talk to your agent for the best classic car auto insurance MN owners must have to protect these vehicles.
Other than the above categories, some other vehicles may need some type of classic car insurance MN if they are older than 15 and don’t fit into the above categories, but are still considered as old and they could become more valuable in time as regarded by some collectors.
Collectible Car Insurance Coverage
Now that you know what kinds of classic or vintage car insurance exist, let’s explain how it works. Just like with regular auto insurance, a term of a policy for American classic car insurance Minnesota usually lasts a year at a time. It also covers the same kind of things, such as collision and comprehensive, liability, and coverage for uninsured or underinsured drivers. Just like all the regular cars and trucks out there driving around the state, Minnesota requires certain minimum levels of coverage for classic and vintage vehicles.
Other than these mandatory types of coverage for your classic or vintage car or truck, you can also talk to your agent about getting several optional types of coverage such as:
- Roadside Assistance – Many times you could end up stranded on the side of the road with a disabled vehicle or maybe you get a flat tire or other reason you can’t drive your classic or vintage car or truck. Then, you will need the best classic car auto insurance MN owners can buy to get you to your destination by providing the assistance you need.
- Coverage while Traveling – This kind of insurance will help you to pay for things like meals, hotels, rental cars, etc. if your classic car or truck is disabled while you are on the road. Talk to your agent for more details on this optional part of American classic car insurance Minnesota you can choose from.
- Medical Coverage while in a Car Show — Many people who own classic or vintage cars and trucks like to take them to the various car shows to show off their prized possessions. However, what if someone is injured or killed at the show and it has something to do with your vehicle, you could go broke if you had to pay for it out of your own pocket. However, if you purchase this type of coverage, then you will likely be reimbursed as long as it is a covered event.
- No Required Attendance — This also applies to those owners who show their class or vintage cars and trucks at auto and truck shows. It is similar to the medical coverage listed previously, except that the owner of the car or truck doesn’t have to be with his vehicle when the person gets injured. In fact, someone else could have it and you would still be covered in case of an injury or death.
- Parts Coverage – This type of classic car insurance MN owners can choose will cover any extra parts for the vehicle that you have. If they are stolen or destroyed, just talk to your agent for information on putting in a claim for reimbursement.
Eligibility for Classic Car Insurance
There are some very specific requirements for your vehicle to be eligible for classic car insurance MN owners need. For instance, the vehicle can’t be one that you drive daily for regular purposes. Plus, you are only allowed to drive a certain number of miles each year, which is normally around 7,500, but talk to your agent to see in this is the requirement for Minnesota cars. There are some even more restrictive that say the covered car or truck can only be driven in things like a parade, to an auto show, or to an exhibition of some sort.
Regular Requirements for Getting Car Insurance Apply Also
Even if your vehicle is considered to be a classic or vintage one, it doesn’t mean you don’t have to meet normal requirements for getting car insurance. For instance, just like regular car insurance you have to have a good driving record, between five and ten years of driving experience, only one accident where you were at fault in the past three years, and be 25 years or older. While some places might cover you, if you don’t meet those above requirements, the insurance could cost more than you may wish to spend, so get some good advice from your American classic car insurance Minnesota agent.
Tips and Suggestions to Save Money on Classic Car Insurance
Classic and vintage car insurance has varying costs, so there are things you can do to get the best classic car auto insurance MN owners can buy and still save money. In fact, since these kinds of cars and trucks aren’t driven very much like your regular go to work car is, they can cost only around one-third the premium your regular daily car you drive all the time.
Even though it is usually cheaper than regular car or truck insurance, it is still a good idea to do all you can to keep the price within your budget, so talk to your American classic car insurance Minnesota agent.
These include some of the same kinds of discounts given on regular car and truck insurance like having more than one policy with the same insurance company, having more than one vehicle on your policy, put some sort of anti-theft gadget into your classic car or truck, have no previous accidents on your driving record, take a defensive driving course, or if all you do is show your classic car or truck and it is not actually driven (i.e. it is on permanent display in a museum) you can just buy comprehensive and not collision for American classic car insurance Minnesota.
How to Shop For Classic Car Insurance
So, now that you know a little more about classic car or truck insurance, how can you buy it? The best thing to do is start by talking to your regular car insurance company you use for your daily vehicles. It is possible that your company may also offer classic car insurance MN owners need for these special vehicles. Otherwise, your agent can likely direct you to the proper company to speak with to make sure your vehicle is protected.
You also need to know how much your classic or vintage car or truck is worth. You can get it appraised by a professional class car appraiser, as well as look it up in certain types of class or vintage vehicle manuals. Your agent can assist you in this venture. Be sure to get all the information you need before choosing the best classic car auto insurance MN owners can buy.
Once you have found a place to get your policy, always be prepared to read it from top to bottom. You may be tempted to not do this, but it is in your best interests for you to know exactly what is being covered so you can be assured of getting the best classic car auto insurance MN owners can buy.
All in all, it can be a very rewarding experience to own some kind of classic or vintage car or truck. It’s fun to show them off at the car shows or participate in annual parades in your town. But don’t forget to get the proper type of American classic car insurance Minnesota vintage car owners must have to reimburse them if their vehicle is damaged or destroyed.