Do you have a classic muscle car like a 1964 Ford Mustang? Many times, high-quality collector cars are a hassle to insure. There is a solution. What you need is a muscle car insurance policy. This sort of insurance policy makes owning your muscle car easy and simple while giving you peace of mind and complete vehicle coverage.
If you’re not you familiar with muscle car insurance, it can be hard to learn and understand. However, this quick Q&A article will help you understand some of the basics like what driving restrictions you must follow. Here is a quick overview of what you need to know about muscle car insurance.
See also: How to Sell Your Classic Car for Top Dollar
What is Muscle Car Insurance?
A muscle car insurance plan is a policy that’s made specifically for a classic, collector or specialty car. Typically, collector car insurance policies cover Ford, Dodge, Chevy, Chrysler, Plymouth, Buick, Mercury, Pontiac, Shelby, Oldsmobile and more. You can get classic car insurance to cover any muscle car, but make sure it fits inside your lifestyle and budget.
What are insurance coverage options available for muscle cars?
Insurance options available for muscle cars comprise of routine auto insurance, agreed value insurance and stated value insurance. Regular auto insurance isn’t the best choice for your collector muscle car.
Regular insurance policies permit you to use your muscle car every day but come with quite costly muscle car insurance rates for doing this. Agreed value only permits you to drive your classic car sometimes, like for auto shows or parades, at a reasonable premium. Stated value coverage lets you drive more often at a reasonable premium.
The agreed or stated value of your muscle car is necessary if your vehicle was built before there were model years, and your insurance provider doesn’t have it listed in one of its collector car guides. Thus, you say the value of your vehicle and have your insurer agree with that figure. You just have to offer proof your car is worth what you say it’s worth.
Proof can be in the shape of an appraisal, photographs of the vehicle or copies of receipts of work performed on the vehicle. If you brought your car cheap and fixed it up, then an agreed or stated value policy provides you with several benefits.
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What Is An Effective Strategy To Use To Get The Best Muscle Car Insurance Policy For The Lowest Price?
The best muscle car insurance is dependent upon your needs. If you will need to use and drive your muscle car regularly, then a stated value policy is ideal for you. But if you drive your muscle car every now and then, then get an agreed value policy. Contact your insurance provider, and see what you have the ability to work out.
Are there restrictions in order to get insurance coverage on a muscle car?
Muscle car insurance policies differ, but these are some common restriction and requirements you need to consider before buying muscle car insurance.
- Model year constraints — there are model year restrictions that may not include hot rod models or cars which have been custom modified.
- Professional evaluation requirement — some insurance companies require an appraisal for determining an insurance quote or providing insurance.
- Photo requirement — photographs may or may not have to obtain insurance, but you need to keep photos of your car for your records as legal protection.
- Mileage limits — mileage constraints depend on what kind of insurance you purchase and at what grade you buy your muscle car insurance policy.
- Storage restrictions — some insurance companies might need you to keep your muscle car in a garage or a similar secure environment.
- Driver restrictions — your insurance company increase the premium that you pay, especially when you have a teenager in the house that drives.
Do custom modifications matter when getting muscle car insurance?
Custom modifications do impact your muscle car insurance premium, but insurance businesses differ on what they believe to be a modified muscle car. Some insurance companies consider changes to be alterations; in other words anything besides the original or stock version. Other companies only consider adjustments to the car frame, powertrain, suspension or other significant automobile parts to be considered a modification.
What Companies Are The Top Providers of Muscle Car Insurance?
The most popular suppliers of muscle car insurance are Hagerty, Grundy Worldwide, and Classic Car Insurance. To qualify for insurance from Hagerty, you shouldn’t use your muscle car every day, maintain your muscle car in a locked garage and every driver in your household needs a daily-use automobile. Additionally, Hagerty only insures drivers with less than two minor accidents or traffic violations.
Grundy also has a listing of eligibility requirements. If you would like muscle car insurance from Grundy, your muscle car must only be used for hobby purposes, and it has to be kept in a garage if it’s not in use. No young drivers, (those below the age of 25), may drive your vehicle. Every member of your family must have some other guaranteed daily transport also. To be eligible as a driver, you should have no more than two moving violations and no DUI’s over the previous three calendar years.
Classic Car Insurance has tiered mileage plans for your requirements. Modifications are also covered and Classic Car doesn’t have any restrictions. Other specific perks are also included with an insurance plan from Classic Car Insurance, such as pet policy and foreign coverage. To find out about insurance requirements, see the provider’s site and get a quote.
What Are The Insurance Deductible Amounts and Limited Liabilities?
The answer to this question depends upon the sort of insurance coverage you buy. By way of instance, if you buy an agreed value policy from Hagerty, then you have the choice of a zero deductible. This means that each and every time your vehicle needs repair, there’s absolutely not any out-of-pocket price. Additionally, there are other deductibles provided by muscle auto insurance companies. The higher the deductible, the less coverage you get for your muscle car.
How many miles driven per year are allowed?
The allowed miles driven annually will also be based on the sort of coverage that you get. Regular vehicle insurance has limits at 12 or 15 thousand miles annually for a number of policies. An agreed value policy has no yearly mileage limitation. However, you’re only permitted to push your muscle car sometimes.
What other services are included?
Some insurance companies have a vast array of additional services accessible; however, these solutions include a higher premium. Some of the additional services include roadside assistance, spare parts policy, and basic towing and trip interruption benefits.
This Q&A manual on muscle car insurance only briefly covers the crucial things you will need to know. Make certain to do your own research to ascertain what sort of policy is ideal for your needs. Understand what you can compromise on and what you can not. You’re guaranteed to be pleased with your muscle car insurance plan.