How can I get immediate car insurance for a classic car?

If you’re a classic, vintage or antique vehicle hobbyist, you know that buying opportunities sometimes come around that are just too good to pass up. Of course, these chances can come along anytime, anywhere. You might be at a show; you might come across something in the classified ads, or an auto-sales specific publication; you might be online, on a site like eBay Motors or Hemmings; you might even just happen to know someone who wants to sell their collectible vehicle.

In these cases, it would certainly be helpful if you could make the purchase without having to worry about insurance. Is it really possible, though, to have an insurance policy that will cover your new purchase, even if it’s a classic vehicle, beginning at the very moment that it enters into your possession? After all, anything can happen, and it would be great if you could be covered should anything happen as you transport the vehicle to your garage, right?

As it happens, immediate coverage is indeed possible. Some specialty classic car insurance providers, insurers who understand the issues facing classic car owners, include something called “new purchase coverage” or some variation thereof as part of their policies. Generally speaking, if you have an existing policy with one of these providers, any additional qualifying vehicle that you purchase during the policy term is automatically covered up to a certain value until the purchase is reviewed, at which time it becomes like any other vehicle you have covered. This means that, in the event that a new addition to your collection encounters a problem, it’s still covered, so you still get the agreed value back in compensation.

Here are some examples of new purchase coverage policy features provided by selected specialty classic car insurers. American Collectors Insurance offers new purchase coverage for a 30-day period at up to $25,000 in value. Grundy Worldwide will also cover new purchases for 30 days. Hagerty Insurance advertises coverage for new, unplanned purchases of up to $50,000 in value. Leland-West Insurance Brokers covers new purchases for up to $100,000. In Canada, Lant & Co. provide automatic new purchase coverage at up to $25,000. This type of coverage can come with restrictions, so it’s best to look at each company’s website, or call for more information, in order to find out whether the situation you’ve got in mind would qualify.

In addition to new purchase coverage, these insurance companies specializing in classic car policies offer a number of features which meet the specific needs of classic car owners, including but not limited to flexible mileage plans, agreed valuation, and coverage that extends to situations like auto shows, land, sea and air freight, and restoration. No matter what your vehicle, if it’s a classic, it’s worthwhile to look into the policies offered by the different specialty providers in order to gain access to these and other features as well as significantly less expensive premiums.

Posted: July 27th, 2009 under Classic Car Insurance Explained.