Classic car insurance offers specialized coverage options that are tailored to address the classic car owners’ needs. The defining feature of classic car insurance, however, is agreed value coverage. Agreed value coverage means that, unlike regular cars that are mainly valued by insurers based on age and mileage, the valuation of your classic car is based on a value you’ve agreed upon with the insurance company. Typically, the agreed value depends on factors such as:
- The expertise of classic car underwriters
- Car valuation guides
- Professional car appraisal
Classic Car Insurance Requirements
“Classic car” is a vague term with no precise definition. According to the Insurance Information Institute (III), classic or antique vehicles are 25 years or older. However, if you are shopping for classic auto insurance, how the insurance company defines classic automobiles is what matters. Many insurers provide classic car insurance for various types of vehicles including:
- Classic cars
- Antique cars
- Custom Cars
- Kit Cars
- Exotic cars
- Fire engines
- Military vehicles
- Street rods
Why Should You Choose a Classic Car Insurance?
One of the main benefits of carrying classic car insurance is that the policy is tailored for antique, collector, or rare cars. The agents, adjusters, as well as other staff, have a clear understanding of classic cars and the classic car owner’s needs. Classic car insurance provides specialized coverages that include:
- Increased replacement cost: In case the value of your classic car goes up over time and exceeds the agreed value, this coverage will cover the difference.
- Roadside assistance: This includes towing your classic car with a flatbed to limit wear and tear when you are taking the car for repairs or back home.
- No attendance required – This covers your vehicles when you are away, and the vehicle is being displayed, for instance, in a car show.
- Spare parts coverage – This covers damage or pilferage of spare parts.
- Medical reimbursement: In case someone is injured in an event or exhibit featuring your car.
- Cash settlement – If your classic car is stolen or totaled, you have the option of taking a cash payment without being obliged to use it to replace or repair your vehicle.
- Automobilia coverage – This covers certain collectible items such as vintage license plates, hood ornaments, automotive literature, and more.
Classic auto insurance also provides the standard car insurance coverage such as personal injury protection, liability, property damage, collision, comprehensive, and uninsured motorist coverage.
How Many Miles Can You Drive with a Classic Car Insurance?
While requirements vary from insurer to insurer, most policies include mileage limitations. You also need to prove that your vehicle is properly garaged both at home and when you are traveling. Typically, you can’t use your classic car for everyday errands and commuting, and your insurer may require you to have a primary car for daily use.
How to Get the Best Classic Car Insurance?
- Search for Comprehensive Policies
Classic car insurance policies offer varying coverage options. Therefore, you should find a policy that meets all your coverage needs.
Discounts can help you make significant savings on auto insurance. If you are insuring more than one car or a collection of classic cars, you should find out from your agent whether the insurer offers multi-car discounts. You might also be able to bundle your policy with something like home insurance. Many insurance companies offer discounts to individuals with clean driving records as well as homeowners and seniors.
At Jack Stone Insurance Agency, our experts will help you find a classic car insurance policy that provides adequate coverage for your classic car. We serve Antioch, Brentwood, and surrounding cities in California. Contact us today to get started!