Do you have a classic car or are you thinking of buying one? Then you should know that, like any other car, you need insurance!
Of course, the conditions and prices for classic car insurance are very different from those of normal cars. We can all guess that, right?
But … how much does the insurance of a classic car cost? Is it too high and only accessible to those with the fullest portfolio?
Let’s find out
What is special about classic car insurance?
Typically, classic car insurance has 3 very clear limitations:
Distance traveled: usually require that the car only circulate a small distance of kilometers (depending on the country this varies ostensibly).
Existence of another vehicle: they require that there be another vehicle in the family unit that is used on a regular basis.
Parking space: many do not contemplate that a classic car can sleep on the street.
There are other types of insurance for classic cars that delve more into competitions and other aspects, but that is more difficult than it is for you.
Why is insurance more expensive for a classic car?
These special prices are defined by the fact that the insurer does not consider the classic car as a normal car. And why not?
For three reasons:
Jewels easy to steal: they are very coveted cars and of a value much higher than any normal car. They do not have advanced security and can be stolen.
Difficult to repair: repairing a classic car is not exactly cheap and getting the parts can be a chimera.
Venial value: the market value of the car is revalued instead of losing value year after year, so the insurance can be increased every day a little more.
We can not consider “normal” a car that is revalued every day, it does not have barely any anti-theft security measures and whose pieces are jewels as hard to find as they are.
So … what is the price of a classic car insurance?
Unfortunately it is impossible to define an average price . The market for classic cars is so varied and different from one another that from one car to another the insurance can vary hundreds or thousands of euros, dollars or pesos.
It is not the same to ensure a classic of the 80s as one of the 50. Nor ensure a classic with enough spare parts that one whose pieces are only found in a country on the other side of the world.
The special conditions of your classic car will define the price . In turn, the use that you give to the vehicle will also do it, because if you want it as a regular car, insurance can become very expensive.