Classic Car Insurance

When it comes to insuring your classic car, you have certain options that allow you to purchase specific coverage that meets your unique wants and needs as a classic car owner. Many classic car owners are not aware of the options that are available to them, and more importantly they aren’t exactly sure what classic car insurance actually is. We specialize in offering our clients classic car insurance coverage to meet their needs. Today we will discuss the benefits of classic car insurance as well as the reasons why you need classic car insurance for your vehicle.

The Benefits of Classic Car Insurance

The list of benefits that classic car insurance offers is long, but we will focus on the top few today to give you a better understanding of the main benefits classic car insurance offers.

  • Agreed Value: This is one of the most underrated and likely the least understood aspect of classic car insurance. Whether you own a 1995 Corvette or a 1969 Camaro, agreed value is a vital aspect of insuring your classic car. Agreed Value means just what it sounds like. You and the insurance carrier come to an agreement on the value of your classic car, and in the case of a total loss, you would be paid 100% of the agreed value as a settlement. If you are currently insured under a standard auto insurance policy, you likely have what’s called Actual Cash Value coverage which pays out the value that the insurance company puts on your classic car at the time of loss, factoring in depreciation. If your car is appreciating in value or at least holding its value, it is imperative that you have a classic car insurance policy that offers you agreed value coverage.

  • Claims Options: If you don’t encounter a total loss on your classic car, you likely won’t need to worry about that agreed value. That is a best case scenario, hopefully nothing ever does happen to your classic car! In the insurance world however, we have to take into account the worst case scenario and how you would be covered. If you have a partial loss such as a cracked windshield or damaged bumper, you need to know that your insurance policy will allow you to go to the repair shop of your choice that specializes in working on classic cars. We offer classic car insurance that does just that, in fact, some of the carriers we work with will allow you to fix the car yourself and they will pay for your parts as well as a work wage for the time you put into the project. This is a tremendous benefit offered through classic car insurance.

  • Year Round Coverage: One of the most frustrating aspects of utilizing a standard auto insurance policy for your classic car, is that most carriers will issue 6 month policies so that your classic car is only covered during the basic driving season if you live in cooler climate states. However, classic car insurance policies offer year round coverage, so that if you choose to take out your classic car in a winter month for whatever reason, you will have full coverage. There is no need to call us or your carrier to add coverage on for the day or the week. This is a great benefit to limit your risk of forgetting to add coverage back on as well as giving you peace of mind that your classic car is covered 365 days a year.

  • Lower Premiums: If you are currently insuring your classic car with a standard insurance carrier that does not offer specialty classic car insurance, you are likely paying a higher premium than you could be with one of our classic car insurance specific policies. Due to the more limited use and the great care and detail you put into your classic car, the carriers we work with are able to offer you lower premiums on average than traditional car insurance. For the most part, we see our prices somewhere around 20-40% lower for an annual premium than standard insurance carriers. While this is no guarantee of savings, it is a great win-win scenario when we can give you better coverage for less money when it comes to insuring your classic car with a classic car insurance policy.

Why You Need Classic Car Insurance

Well, there you have it, you now know some of the most basic benefits of classic car insurance for your classic car. So, if you are still asking yourself why you need classic car insurance, we would suggest that you call or contact us today for a side by side comparison quote for your classic car. You know the basics, but each person and each car for that matter is different. We don’t use a one size fits all approach, but instead we custom tailor a classic car insurance policy to fit your needs by working with multiple classic car insurance carriers and offering you different policies and policy endorsements that best suit your unique needs. Let us help you with your classic car insurance needs today!

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