My uncle keeps on insisting that I should get a Vintage Car Insurance for my dad’s old Ford Mustang. I don’t really have any idea about that, so what makes it different?

Eunice

Chandler, Arizona

Hi Eunice,

Yes, there’s absolutely an enormous distinction between a Vintage Car Insurance because it is not usually the same as the insurance you get for conventional cars. The significant difference between a Vintage car insurance and standard car insurance would be in terms of cost, availability and coverage. This insurance can only be purchased from a specialty provider either directly or through an independent agent since it’s not available to individuals with vehicles that are less than 15 years old.

Some of the differences would include the process of insuring; or the underwriting process and the types of coverage. As a rule, there is a mileage restriction as you can only drive a certain number of miles each year and the vehicle is required to be locked in a garage to ensure the car’s safety. A Vintage car insurance also have some have engine and body modification restrictions since some companies provide Actual Cash Value up to the insured policy limit while other policies are Stated Value policies.

Fortunately, you can seek information in the internet to check or inquire for companies who specialize in Vintage car insurance in your area. Just make sure though that you can have a professional appraisal because it is essential to determine the current market value of your dad’s Ford Mustang. It will also uncover the maximum amount that you will be able to insure it for. If a Vintage car insurance company has a higher than normal loss ratio on your model, then you may not be able to insure your car for its full value as determined by the company.