How Does Classic Car Insurance Work and Can You Find Cheap Car Insurance in New York?

How Does Classic Car Insurance Work and Can You Find Cheap Car Insurance in New York?

Do you own a classic car in the Big Apple and are looking for cheap car insurance in New York? Well, low-cost car insurance in NY for classic cars does exist, but first it’s important that you understand how classic car insurance works.

What is classic car insurance? Which vehicles and drivers are eligible? What types of insurances are available? And how can you find these types of insurance for a reasonable cost in NY? These are all questions that will all be answered in this post.

For starters, what is the difference between classic car insurance and conventional car insurance?

For traditional auto insurance, vehicles are usually covered only up to their actual cash value, which means its replacement cost minus depreciation. In comparison, classic car insurance typically covers the collectible vehicle for an agreed upon “guaranteed” amount that is mutually agreed to by you and the insurance company you use. The main reasoning behind the difference is because classic cars generally increase in value over time as long as they are well care for and restored. Everyday vehicles that we drive to school, work, and stores usually lose their value over time.

For a car to be eligible as a classic car, it must meet the following criteria. It cannot be used as a primary driving vehicle and there are also annual mile restrictions. Classic cars can usually only be used for pleasure driving or events such as parades, shows or exhibits. Many insurers won’t cover a claim if a classic car is being used to drive to work, school, or other destinations.

On top of all of these things, a driver will not be approved for classic car insurance unless they:

  • Are at least 25 years old
  • Have a good driving record with at least 10 years of driving experience
  • Are at fault for no more than one accident on their driving record within the last three years
  • Store their car in a garage, carport, or storage facility to protect it from the elements
  • Have another primary vehicle they use for daily driving
  • Agree not to race their classic car

There are various types of classic car insurance available. Classic car insurance categories vary from insurer to insurer and state to state, but the most common types are listed below.

  • Classic Car Insurance (19 to 24 years old, restored, in good working condition, and greater than the average value of other autos of the same make and model year)
  • Antique Car Insurance (At least 25 years old and in good working original or original restored condition)
  • Modified Car Insurance (Significantly altered in its engine, body, chassis or interior from its original condition, which can negatively or positively change the value)
  • Kit cars and replicas (At least 24 years old with separate manufactured components, or that represent the assembled reproductions of any motor vehicle at least 25 years old)

To find cheap classic car insurance in NY, get a quote from NY Auto Quotes. Classic car owners in New York, New Jersey and Connecticut can all benefit from the amazing discounts, policy options, and other considerations offered by NY Auto Quotes.


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