Collecting Antique Cars: Financial Considerations

Collecting Antique Cars Financial ConsiderationsClassic car ownership is an exciting opportunity. While enjoying these vehicles, it is important to take proper care of them, including obtaining adequate NJ Antique Car Insurance. In addition, there are some financial considerations to take into account before deciding to add a vehicle to your collection. Below are some important aspects to remember about collector car ownership.

Vehicle Type

The three vehicle types that qualify for classic car insurance are Veterans (built on or before December 1904), Edwardian (January 1905-December 1918) and Limited (rare or special edition vehicles). However, due to the increase in production of vehicles in the 1970’s, not all cars built before 1974 can be considered classic cars, says Financial Web.

Age Limits

Different states require different age limitations of vehicles in order to be considered classic cars. This number ranges from 15 years old to 25 years old to qualify. However, there are some exceptions as some carriers provide coverage for newer cars if they are considered cherished or exotic.

Storage

Insurance carriers often require firm storage requirements for classic vehicles. A secured garage is ideal for these cars or using professional storage facilities.

Driving

While these cars may be beautiful, it is important that they are not your primary commuting vehicle. Otherwise, the collector car coverage would not apply. Only cars that are used sparingly are eligible to be covered under a collector car policy.

Driver History

Financial Web states that insurance companies are very strict when it comes to the driving history and experience of the declared drivers who use the classic vehicle and only people who have reached the age of majority can qualify for this coverage.

At Tri-State Insurance Agency, we offer custom tailored insurance policies that are crafted with you in mind. With over 60 years of experience, we have a deep understanding of the insurance industry and the necessary protections your classic car needs. To learn more, contact us today at (888) 990-0526.

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