Owning a classic car is a matter of luxury as it can cost you a fortune. So, just like your other valuables, you should get classic car insurance. You must be thinking, why not just take the traditional car insurance for your classic car? Well, traditional car insurance offered by various car insurance companies in NM is generally insufficient for classic or vintage cars, considering their value. You must know that classic cars like the 1965 Ford Mustang or the 1955 Chevrolet Cameo only rise in value over time, whereas the value of other cars you use regularly depreciates over time.
What can be defined as a classic car?
There are many definitions of classic cars, but the most used definition is the one you must have heard once in your life. Some use the term “classic cars” as a catchphrase to refer to the vintage, antique, collector, and other types of cars. So, the car insurance company’s terms for qualifying as a classic car can vary. You can schedule an appointment with the most reputed company in NM, providing the best car insurance policies. They might include “modern classics” or even replicas of classic cars. Their agents will be more than happy to help you decide on the best car insurance policy for your vehicle.
What types of cars are generally covered in a classic car insurance policy?
Classic car insurance covers a wide range of classic vehicles. It primarily depends on the terms stated by the insurance company you are considering to get car insurance in NM. There are a few types of classic vehicles that generally qualified for Classic car insurance, including antiques, classic cars, classic military vehicles, classic tractors, customs, exotics, kit cars and replicas, military vehicles, etc.
While classic car insurance includes a wide variety of vehicles based on their qualities to be qualified as a classic vehicle, the way you use your vehicle is also a deciding factor the car insurance companies consider to determine coverage. Classic cars require limited use, meaning you generally drive the vehicle for specific occasions like exhibitions, parades, classic car club activities, and other events. Getting a Classic car insurance policy will allow you to occasionally drive the car for pleasure. Classic cars are meant for limited use, and if you are using them like your regular car for mundane chores, then they won’t be covered by a classic car insurance policy.
Vehicles of regular use, off-road or recreational vehicles or vehicles used for commercial purposes are not eligible for classic car insurance.
Conclusion
Reaching out to the best car insurance companies in NM is your best option to get your classic vehicle insured. While there is no specific age for a car to be signified as a classic car by the insurance company, this catchphrase is primarily used for antique, collector, vintage, and even modern classics or future classics, which are comparatively newer vehicles. The way you use your vehicle is also a significant factor in classifying it as a classic vehicle. If your car doesn’t qualify as a classic vehicle, it will be eligible for a traditional car insurance policy.