Insuring Your Galaxie

As the owner of a Ford Galaxie you know that even if your particular car is a sedan, and not a muscle car, it's still a classic, since the model was only in production between 1959 and 1974. What you may not realize is that it may be worth exploring classic car insurance, to give your prize the special coverage it needs.

Why go classic? The biggest reason is valuation. Mainstream insurance policies are based on book value minus depreciation they call this "actual cash value" and that means older cars often aren't given the value they truly have.

Classic car insurance on the other hand, is generally based on "agreed value," which allows you and the insurance agent to look over any retrofitting or restoration that has been done to your vehicle, and include that in the car's worth. This is one of the best ways get prices before insuring your auto. Literally, the two of you will agree upon a coverage value. Even better, if something should happen and your Galaxie is totaled, the payout will be that agreed amount, not "up to" it.

Valuation is just one reason to consider classic car insurance, however. Here are a few more:

  • You can use your own mechanic when making repairs.

  • You'll have liability insurance when participating in car shows or club events.

  • Your car will be covered during the restoration process.

  • If you need to ship your car to an event, it will be covered during transit, and in some cases, there will even be coverage if you're stuck in transit and miss an event.

  • If your car is damaged at a club event or car show, there will be coverage.

  • Premiums will be flexible, and based on the number of miles you actually drive each year.

  • Deductibles will be small, and in some cases, nonexistent.
  • If those things appeal to you, classic car insurance is something you should explore.

    Classic car insurance, also referred to as specialty insurance, has been in existence for more than fifty years, but despite this, less than half of the qualified vehicles on the road are covered by such programs, which is especially interesting if you consider that mainstream insurance is often more expensive, and gives you less coverage.

    Of course, there are differences between classic car insurance companies, so before you commit to any one company, be sure to shop around, and ask questions. Specifically, you'll want to confirm that agreed value is used, and you'll also want to research how they handle claims, the quality of customer service, and the knowledge level of the staff they should really understand classic cars and classic car owners.

    You should also be aware that specialty insurance policies are not without some restrictions. Typically you will find the following caveats attached to such coverage:

  • The car must be at least 15 years old, and in most cases at least 25. (Not a problem for the Galaxie.)

  • All drivers named on the policy must have significant driving experience. In some cases this means a minimum age of 25, in others it means at least 10 years as a licensed driver.

  • You must have a clean driving record, going back at least two years in some cases, longer.

  • You must own a daily driver vehicle - and it must be adequately insured.

  • Your car may not be driven for commercial use.

  • There are usually mileage restrictions, in some cases as low as 2,500 miles/year.
  • Despite these restrictions, classic car insurance is a benefit to those who have true classic cars like the Ford Galaxie and treat them as the collectibles they really are. Even if you opt to stick with mainstream coverage, you should at least explore your options.

    Your car will thank you for it, and so will your wallet.

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