As one of the countless Alfa Romeo Spider owners in the world today, we know first-hand of the happiness and pride that comes owning such a unique and sexy car. Unlike many collector that hide their sports cars in a storage garage, sexy cars like the Spider these are not meant to be stored – they’re meant to be driven!
While we feel very strongly that car collectors should get in their cars and drive them once in a while, all that exposure also increases the risk of damaging the vehicle. With that, you want the best insurance policy you can get for your car.
There are different car insurance policies available today. Will a standard policy does or should you get a specialized one? Also, are cars like the Alfa Romeo Spider considered by insurers as classic cars? What are their criteria for cars to consider them as a classic?
All these questions and more will be answered with our guide below.
Classic Car Classification
There is no universal guide to classifying cars as to whether they are a classic or not. Many of us consider the Alfa Romeo Spider as a classic vehicle but that may not be true for all insurance providers.
You have to talk with a specific insurance provider and ask them about their criteria for classic cars. They can also tell you what kind of insurance policies they can offer for the kind of vehicle you own.
The age of your vehicle can be considered when classifying it as a classic car but that’s not the only basis. Car insurance companies will also see how the car is built. Some may require vehicle appraisal while others may not. Appraisals help car insurers determine the current condition of the vehicle. Other factors may also include the way the car is used or planned to be used and the storage place of the car in question.
Does My Alfa Romeo Spider Need A Specialised Insurance Policy?
You can opt for a standard fully comprehensive insurance policy for your Alfa Romeo Spider or another classic car. However, you should carefully read and understand what the policy offers. Is the policy suitable for your classic car? Sometimes, classic cars like the Alfa Romeo spider have different requirements than the newer car models we have today.
Modern vehicles are insured for the sake of their purpose, as a tool for transportation. Classic cars, on the other hand, can be different because, more often than not, they are considered as showpieces. The way you see your vehicle should also reflect the insurance policy that you take for it.
If you plan to take your classic car around the country for shows, you should also inform the insurance provider about it so that it also reflects in your policy. This can also affect the cost. Also, if you plan to have your classic Alfa Romeo Spider rented out for weddings or events, the insurance company should also be informed.
Another thing to note on your insurance policy for your classic Alfa Romeo Spider is the authenticity of replacement parts should your car need one. It can be difficult to source some older parts but there are still some out there. You want to make sure you preserve your vehicle as much as you can.
The Price Of A Classic Car Insurance Policy
As a classic car owner, it’s understandable that you’d want to preserve your vehicle even if that means not driving it all the time. Classic cars are kept and taken care of more as compared to conventional cars available today. This lessens the risk of accidents and also keeps the mileage down.
Even if classic cars are more expensive than other conventional vehicles, insurance providers may consider the frequency of use and the mileage to compute for the premiums. Some more affordable insurance policies may also include a mileage limit that you have to follow. In case you exceed it or is about to exceed it, you should inform the insurance provider so that your insurance claims won’t be invalidated should you need them.
Limited mileage may also help classic car owners negotiate a no claims discount to further decrease the premiums the longer you have the insurance policy. With all that info, we can say that taking a specialized policy for your classic car can help you save on premiums. It is possible that you spend more on premiums if you opt for the standard insurance policy for your classic ride.
Where Can I Get A Classic Car Insurance
Not all car insurance companies offer classic car insurance. There are companies that specialize in insuring collectible vehicles. These specialty insurers often offer a customizable policy depending on the car to be insured and how it is used.
When looking for classic car insurance for your Alfa Romeo Spider, you have to ask the actual cash value of your vehicle. This agreed value will be paid in case your classic car is totaled. This agreed value should be clear.
Another thing to look for is if they offer restoration coverage. In case the car meets an accident, will it be repaired just like a conventional vehicle or will they take extra steps to restore it to its former glory. The spare parts coverage is also very important because some parts are very expensive due to their limited production. This should also be cleared out by the insurance provider.