Antique And Classic Car Insurance In New York: Preserving Automotive History – If you have an old car and a daily driver, there is almost no reason to skip classic car insurance. But there are differences between the companies that offer. Our recommendations for the best insurers for classic or collector vehicles:

Classic car insurance is similar to the coverage you have on your other vehicles, but there are some important differences you need to be aware of. First, you’ll need to find an insurer, but you’ll also need to determine the value of your new baby and work with that insurer to find coverage that protects your investment and helps you replace or repair it in the event of an accident. .

Antique And Classic Car Insurance In New York: Preserving Automotive History

Antique And Classic Car Insurance In New York: Preserving Automotive History

When you find out how much it can cost less to cover your vintage vehicle, buying insurance is almost as fun as buying a car. Almost all.

Goodwood Classic Car Insurance

We’ve obtained quotes for several popular classic cars to get an idea of ​​the range of costs and how to get three top classic car insurance companies.

We chose the car that represents the most basic collector car in America (1966 Ford Mustang), as Instead of an Italian classic (1974 Alfa Romeo Spider), your average British small car (1966 MG MGB), a German roadster ( 1977 Mercedes -Benz SL280), an up-and-coming American collector car (1986 Chevrolet Monte Carlo SS), a classic car from the modern era (1999 BMW M Coupe), a relatively expensive, expensive American classic car from the 1950s (1957 Chevrolet). Bel Air Coupe), and a classic gold-plated pickup that has at least tripled in value over the past 25 years (1970 Chevrolet C10 Pickup). Our selection is a cross section of the past car collectors today.

All three insurers we get quotes from specialize in car insurance, mostly those who are not used as daily drivers. We seek quotes that include liability coverage of at least $100,000 per person/occurrence. and assuming less than 2,500 driving miles per year of the vehicle. Grundy is the cheapest classic car insurer in all of our samples, but it has a $500 deductible while the others don’t.

When you start the process of buying insurance for your vehicle, most of the cost of your policy will be in the value of that vehicle. Another factor in the process is the amount of money you will receive if the vehicle is involved in a collision or damage. With late-model vehicles, calculating value is a straightforward process, as there is a lot of information about sales and purchase prices. Classic and collector vehicles are a different story, however, as they are not sold at general stores and values ​​can vary.

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An agreed value will determine what you get paid if the vehicle is damaged or destroyed and can help you cover any valuable or emotional driving that may or may not be worth what you give. Hagerty says agreed-upon values ​​are an option offered by major specialty insurers.

Classic car insurance looks an awful lot like traditional car insurance. You’ll still find standard liability coverage, but in many cases, you’ll want to pay for collision, injury, and other options. Most carriers offer some type of partial replacement or other coverage that helps you recover damages for custom work and modifications done to the vehicle.

Many policies include extras such as roadside assistance, trip interruption coverage, medical coverage, and more. Some policies include special coverage for attending car shows, which can help protect you if you or someone else is injured while your car is on display. There is also the option to cover your vehicle at the auto show if you are absent, or if you are forced to cancel for some reason and lose money.

Antique And Classic Car Insurance In New York: Preserving Automotive History

You may be reading this and thinking that because cars can be expensive, classic car insurance costs an arm and a leg. That can be true in the kind of million dollar cars that trade in the top echelon of the hobby, but for the rest of us, the cost can be very reasonable. Unlike a new vehicle, there is a good chance that your classic or collector vehicle will not be used as your daily driver, which should significantly reduce the number of miles driven. Also, not all classic vehicles are as expensive as new ones, and assuming parts are relatively easy to find, they may be cheaper to fix after an accident. Hagerty says, on average, their classic car insurance can be 39% cheaper than standard car insurance, while Grundy says their policies are about 50% cheaper on average.

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We compared prices from Hagerty, American Collectors, and Grundy, by providing the following variables for all of these cars:

From a quick glance, you can see that the annual premiums for these cars are probably lower than what you pay for your primary vehicle insurance.

While classic policies can be less expensive, there are limitations to achieving lower prices. Most policies will include mileage and usage limits. None of these insurers have a minimum age of what they consider “classic”, but they still won’t insure your 2017 policy. They really guarantee a “special” vehicle instead of a “classic.”

Where you store your vehicle will also affect the price of the policy, because a car stored in a garage will have lower insurance premiums. Classic car insurance also assumes that an older vehicle will be driven in a more careful manner than a new car.

The History Of Classic Chevy Cars

Hagerty is one of the most well-known and respected insurers in the classic vehicle and collector space. The company offers a wide range of insurance products for almost any vehicle and has flexible policies to provide more mileage and other benefits than competing insurers.

Getting a quote from Hagerty is easy. Just fill in the online quote tool and it will be presented to you online. You will receive an email about it later where you can choose to ignore or reply.

As you can see from the price comparison for the same vehicle, Hagerty is the most expensive of the classic car insurance. But it also has a few other advantages, and it’s one of the most added perks and services, some of which make owning a classic car really fun.

Antique And Classic Car Insurance In New York: Preserving Automotive History

Hagerty offers more parts insurance than the other two insurers. Considering that a clean New Old Stock console for an ’86 Monte Carlo SS can easily run into the $500 range, it would be nice to have coverage on that item if it gets damaged or stolen.

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Second, Hagerty has “restoration” coverage, which means you can agree on a value for the vehicle as it’s being restored, then adjust the coverage once it’s finished to protect you if the vehicle is stolen or destroyed by fire while it’s in the process. was restored.

Then there are magazines. When you have a Hagerty insurance policy, you subscribe to its excellent publications. Because the publishing industry has been disrupted, some of the best car writers and photographers in the country have been selected to put the magazine together every month. If reading magazines is your thing, of course, it’s worth the extra $20 or $30 a year to secure through Hagerty.

You also get other benefits like roadside assistance and concierge service as part of the deal, benefits that are as easy as AAA.

American Collectors has been around since 1976 and offers a variety of policies to cover classic vehicles and collectors of all types. They also provide coverage for motorcycles, rods, and custom vehicles.

Waimak Classic Cars

American Collectors used to be an independent company, but in the past few years, it was bought by Assurant, an insurance giant that trades on the New York Stock Exchange. There are clear advantages and disadvantages of dealing with large insurance companies. You may realize some cost savings, but you may lose some of the personal touch that a private company can provide.

The quote tool is similarly easy to use. Just enter your specifications and you will receive an online quote.

American collectors do not have restoration coverage, which is a distinct disadvantage. And while it covers the restoration part, that coverage comes out at $500.

Antique And Classic Car Insurance In New York: Preserving Automotive History

Like Hagerty, American Collectors has a member’s club with activities and other benefits for people who pay an additional fee.

How Old Must A Car Be To Be Considered Classic?

You will notice in our chart that Grundy is the cheapest insurance, regardless of car insurance. However, that’s because they use a $500 deductible if your car is damaged. You can opt for deductibles with other providers, but Grundy doesn’t give you the option for a $0 deductible. That makes it cheaper up front but may be more expensive if you need to file a claim in the future.

Grundy insures more than just vehicles, offering personal and homeowner insurance on top of their auto policies.

Grundy’s reference tool is a piece of cake. It’s really remarkable how quickly all these companies share the cost of classic car insurance.

Grundy provided the recovery coverage, which was a huge win.

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