Every kid dreams about owning a muscle car when they`re older. They see these cool-looking cars drive by them and start drooling. If this doesn`t describe you, then you`re one of the few. You finally saved up enough money to buy the classic you`ve always wanted and have made the changes to make it yours. Now you need to start comparing insurance quotes to make sure your “baby” is fully covered and is getting the best deal. Because, let`s face it, not all insurance is created the same.
Below you`ll find four different facts you need to know when looking for insurance as a muscle car owner. Some of them are common sense, while others will surprise you. At any rate, they`ll still increase your chances of finding the one that best fits your needs.
1. You May Be Able To Insure It As A Classic Car
Let`s face it, your muscle car is not an ordinary car. While there`s no specific definition of a classic car, it might be considered an antique and qualify for this type of coverage. Particular qualifications need to be met to be eligible for classic car insurance.
- Some insurance companies classify cars as classic if they are 10 years or older, while it`s 25 years or more for others.
- It can`t be a daily driver. Many companies require you to have an extra car as your daily driver and prove the classic car is garaged.
- You have to have a clean driving record. If you have drunk driving offenses, reckless driving, or multiple speeding tickets, you likely won`t qualify.
2. You Need To Reach An Agreed Value
Your muscle car will be more than the book value, so you and your insurance agent will need to discuss this and agree on an amount. Interestingly, most vehicles decrease in value the more they are driven; muscle cars` value increases. As the value increases, you can adjust your agreed-upon value to reflect this.
There is also another type of coverage called stated value, which is not recommended. This is when you tell the agent what your car is worth with documentation to prove it. The company will insure your vehicle for that amount, but if your vehicle is totaled, they can choose to pay you the stated value or book value, whichever is less. It is important to note that they have to pay you the agreed-upon price with the agreed-upon value.
3. You May Qualify For Less Expensive Insurance
Most of the time, older individuals are the ones who buy muscle cars, but not always… car enthusiasts are getting younger and younger. This decrease in price starts at the age of 25, and by the time you reach 30, the rate cuts in half. For example, if you`re 25 and currently paying $1,200 for car insurance, when you reach 30, you`ll see the price go down to $600, depending on your driving record. See, there are some benefits of getting older.
4. Chose Your Insurance Coverage Wisely
Like standard car insurance, muscle car insurance offers the same types of coverage. That`s why it`s vital to know what the different types are and precisely what they cover. Typically, you can choose between three main types and add riders if needed.
- Liability auto insurance -- this is what most states require you to have. It gives you limited coverage and won`t cover damages to your car. It does cover damages and injuries you may cause to others and legal defense in case you`re sued.
- Collision and Comprehensive Insurance -- These two cover a variety of issues. If you`re in an accident and your car is damaged, it will cover it. It also protects you against auto theft, vandalism, and extreme weather damage.
- Uninsured motorist coverage -- This type of coverage is essential, especially if you take into consideration that 13.1% of drivers are uninsured. Do you want to take the chance that the car next to you doesn`t have insurance? If they hit you, uninsured motorist coverage will pay your medical bills and may even pay for damages to your car.
Purchasing insurance for a muscle car is different than insurance for your daily driver. You need to consider other things, such as how much to insure your automobile and any riders you may need. If you`re ever in an accident or the vehicle gets damaged you`ll be glad you took the time to learn the facts.