The term classic car is a very generic, broad term used to describe any car that someone may find desirable or collectible. Cars may find themselves listed in this broad category because few were actually produced; they were customized by a famous car company, or in the case of the General Lee, (a 1969 Dodge Charger) from the Dukes of Hazard because so many of these cars were destroyed filming the popular TV show. http://www.secondchancegarage.com/public/92.cfm

Standard auto insurance typically only covers the actual cash value of a car, so different insurance is necessary. That means that a typical insurance policy only covers the depreciated bluebook value of the car.http://www.classicins.com/FAQ.aspx http://www.finweb.com/insurance/whats-the-average-auto-insurance-cost-per-person.html

The first form of insurance that a classic car owner should consider is known as stated value insurance. Under a policy like this, a classic car owner can insure the car for a stated value. For example, if they owned a 1969 GTO and it was worth 25,000, the owner can insure the car for that amount. The main drawback under this kind of policy is it allows the car to depreciate in value.http://www.timelessrides.com/classic-car-insurance

A classic car owner using this form of insurance would need to read the fine print to insure the car was still insured to the full value of the car.http://www.timelessrides.com/classic-car-insurance

The next kind of insurance classic car owners should consider is known as an agreed upon value policy and this is the preferred option for classic car ownership. Under this policy, the owner and the insurance company agree upon the value of the car and the insurance policy is written to insure the car to that agreed upon value. Under this policy the value of the car does not depreciate.http://www.timelessrides.com/classic-car-insurance

For example, if the owner of the 1969 GTO and the insurance company agree that the car is worth $25,000, this policy would insure the car for that amount through out the life of the policy.http://www.timelessrides.com/classic-car-insurance

Since the broad "classic car" term can be used on hot rods and other custom cars, actually determining a value for these cars can sometimes be quite difficult. Before an insurance company can place a value on cars of this type, they will want to see all the paperwork on the modifications made to the car.http://www.timelessrides.com/classic-car-insurance

Before a custom car owner approaches an insurance company for a policy that should insure them, they need to have paperwork to prove what modifications have been made, and what custom works has been done.http://www.timelessrides.com/classic-car-insurance

There are specific insurance companies that deal in insuring these kinds of cars, and they add value to them if they were built by famous car customizers such as Carroll Shelby, or in the case of motorcycles, Jesse James or Orange County Choppers. A vehicle built on one of the popular TV shows (like American Hot Rod) also adds value to the car, but must have documentation to support where and by whom they was built.http://www.timelessrides.com/classic-car-insurance

Most classic car insurance policies carry specific limitations. Below is a short list of common limitations:

• Mileage- generally there are specific mile limitations both per month and possibly per year.
• Age- most classic car insurance policy require the owner to be at least 25 years of age, in some cases even 30 years of age.
• Garage- most classic car insurance policies require that the classic car be stored in a garage.
• Other Vehicles- many classic car insurance policies require proof from the owner that the classic car in question is not the everyday car for the owner.

It is also important for classic car owner to periodically review their coverage. If the owner has done more work, restoration for example that adds value to the car and the policy will need to be updated. http://www.timelessrides.com/classic-car-insurance