Purchasing a car is probably one of the biggest investments you make during your life. While some people feel that new cars are the better option, there are many enthusiasts that prefer investing in classic cars. Car insurance is extremely important when it comes to classic car ownership. According to most South African insurance providers, a classic car is one that is at least twenty five years of age.
Many classic owners do not have car insurance because they are under the impression that insurance for these rare and classic models will be very expensive. The truth is that the cost of these insurance policies varies quite a bit and will depend on the model and rarity of the car in question.
It is important to note that while it may take an investment of time and money on your behalf to have your classic car insured it will be more than worth it in the end. This is because your insurance company will make sure that your car is completely covered and your investment protected.
Buying insurance for a classic car is quite different from buying insurance for a new car. Firstly, when looking for the best insurance policy for your car, you need to be sure that they do a new evaluation of your vehicle every year because while new cars depreciate, your classic model will become more and more value over time.
Secondly, if your car has been restored or if you added a few vintage attachments or adornments to the vehicle then you should make sure that your insurance covers this as well. Vintage accessories for these classic cars can be quite pricey and you should ensure that this investment is protected.
People generally do not drive their classic car every day and the overall monthly kilometers travelled are quite low. It would be wise to look for a classic car insurance provider that offers a “per km travelled” plan or a “limited mileage” policy. This will help to keep your expenses as low as possible without sacrificing any of the coverage.
Car insurance is considered by many people to be an absolute necessity and not merely an optional expense. However, classic car owners can keep their monthly insurance premiums as low as possible by making sure that they shop around for the deal that offers the very best value for their money.