Classic cars are very different than your typical everyday use vehicle. You likely drive it less frequently and store it more securely. Not to mention all the time, money, and effort you put into maintaining or restoring your classic car. You probably know your car’s value to the nearest dollar and care more than most car owners about every little piece of your classic car.
It is important to make sure that your classic car policy includes all the finer points you need.
What is a classic car?
Classic car insurance can cover a wide range of vehicles including antique cars, muscle cars, antique tractors, classic military vehicles, and more. Every insurance carrier has a different definition of what makes a car qualify for classic car coverage but the factors that are typically considered include:
- Vehicle age, make, and model
- Condition of vehicle
- How the vehicle is used
- How the vehicle is stored
How does classic car coverage work?
Classic car insurance usually includes similar coverage that you would find in your everyday personal vehicle insurance. This includes coverage options for damages to your classic car, damages or injuries you may cause in an accident, damages caused by theft or vandalism, and more. Classic car insurance may also include specialized coverage for the following:
- Vehicles under construction
- Coverage for vehicles that are in the process of being restored. If available, this coverage would automatically increase quarterly to keep up with the restoration work and increasing value.
- Spare parts and automotive tools
- Some carriers provide coverage for spare parts and personal tools used to maintain or restore your vehicle.
- Coverage for collectible items such as hood ornaments, vintage license plates, automotive literature, may be included.
- Cherished Salvage
- Coverage that allows you to keep a totaled vehicle and still receive your full payout in the event of a covered accident. A buyback premium may apply.
Standard auto policies may not cover the actual value of your classic car. With a standard auto policy, in the event of a total loss, you are usually given the book value of your vehicle at that time. In the event of a repair or rebuild, aftermarket parts are usually used. With a classic car policy, you may better protect your vehicle for an agreed value that more accurately reflects your vehicle’s valuation. Classic car insurance normally allows for original parts, if that is what you had before the loss, as to not compromise the integrity of your classic car.
Classic car insurance can help to protect your investment and valuation. Every classic car is unique, and your insurance policy should be too. Your Gannon Associates Insurance agent can work with you to find the classic car insurance policy that best fits your needs and budget. Give us a call at 844-GANNONS today to get the conversation started.