Owning a classic car, whether it’s a muscle car, hot rod, or vintage military vehicle, is like keeping a piece of history in your garage. It’s an investment in a particular era of time. And that investment needs protecting. As such, there are some things to keep in mind when considering Classic Car insurance.
- Classic Car insurance differs in one very important way from regular auto insurance. You’ll still purchase your traditional liability and physical damage (Comprehensive & Collision) coverages. But with Classic Car insurance, you’ll be insuring the value that you and the insurance company agree the vehicle is worth at the time of purchasing the policy. This Agreed Value guarantees that you’ll be paid that exact amount should you have a total loss of the vehicle.
- Some insurance companies offer a Stated Amount policy rather than an Agreed Value policy. The difference is important in that a Stated Amount policy doesn’t guarantee a payout of the exact value listed for that vehicle. The insurance company reserves the right to pay a depreciated value for that vehicle. This is less than ideal for many vintage auto owners as the depreciated value is often much lower than the perceived value of that vehicle.
- Depending on the insurance company, you may need to do regular appraisals of your vehicle and submit them to your insurance carrier. Some insurance companies require these periodic appraisals to ensure the vehicle isn’t over-insured. It’s important to keep in mind that these appraisals can add cost to the overall ownership of these vehicles.
Is Classic Car Insurance Expensive?
Classic Car insurance is often less expensive than traditional auto insurance. Companies offering insurance for classics realize that these vehicles aren’t being driven as frequently as a typical auto. To preserve the value of the vehicle, many owners limit the number of miles they put on their classic car. Most insurance companies adjust their rates accordingly. The best way to find out what your premium will be is to ask a licensed agent in our office to provide you with some quotes from several of the top insurance companies.
Get Your Classic Car Insurance Quote Today
Our licensed staff is ready to help you get multiple quotes for your vintage auto insurance. Because we’re an independent insurance agent we can shop from multiple insurance companies to help you find the right coverage at the right price.