Classic Car Insurance
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What is Classic Car Insurance
Classic car insurance is a specific type of insurance policy designed to provide coverage for antique or collectible cars. Unlike regular auto insurance, classic car insurance takes into account the unique nature and value of these vehicles, which often appreciate over time rather than depreciate like modern cars. To qualify for classic car insurance, a vehicle typically needs to meet certain criteria such as age (often 25-30 years old), limited usage (not used for daily driving), and must be kept in secure storage when not in use. The car may also need to maintain or increase in value over time.
What Classic Car Insurance Covers
Classic car insurance generally provides many of the same coverage types as a standard auto insurance policy, such as collision, comprehensive, liability, medical payments, and uninsured/underinsured motorist coverage. However, the key distinction lies in how the vehicle’s value is determined in the event of a total loss. Classic car policies often use “agreed value” coverage, meaning you and the insurer agree on the vehicle’s value when the policy is written. If the car is completely damaged, the policy will pay out this agreed amount. Additionally, given the unique needs of classic car owners, these policies may also cover costs associated with specialized roadside assistance and auto show expenses.
Limitations and Specifics of Classic Car Insurance
Though classic car insurance provides unique benefits, it also has certain restrictions and requirements. For instance, insurers often stipulate that the classic car cannot be the owner’s primary vehicle and that the owner must have another vehicle for daily transportation. Furthermore, these policies often have mileage limits to maintain the car’s classic status. Some insurers may also specify that classic cars should be stored in a secure, possibly climate-controlled, environment to protect them from damage. The specifics of coverage can vary greatly between different insurers, so it’s important for classic car owners to carefully read and understand the terms and conditions of their policies.
Are you ready to find affordable coverage for your car?
Contact us at The Kind Insurance. We scour our network of insurance providers to find the best coverage for your unique circumstances, at the best available cost.