Classic Car Insurance
The car you use to commute to work and run errands sees a lot more action than the gorgeous 1950s Ford Thunderbird you cherish in your garage. Plus, finding replacement parts for your modern sedan is much easier than it is for a classic car that was produced decades ago.
Since your daily driver and prized classic have different roles, it makes sense to have different insurance policies that match their respective needs. That’s where classic car insurance comes in handy.
Since you probably don’t drive your classic car as often as your main ride, you’ll likely enjoy lower premiums compared to a standard policy. But there are even more perks to these specialized policies, like being able to recover the full value of the vehicle if it’s completely totaled, even if it’s increased in value over time. If your classic car requires repairs, opting for insurers that specialize in classic car coverage can be beneficial since they possess the expertise and resources that typical insurance companies lack.
How Does It Work?
Classic car insurance functions similarly to a regular auto policy, but with added perks that protect your vintage ride’s agreed value and specific usage details. Like any auto policy, you’ll need to provide info about yourself and your classic car and select the coverage options that fit your driving habits and budget.
With classic car insurance, you’ll get coverage for property damage and bodily injury when you take your ride to events like auto shows, tours, and collector vehicle functions, or when you’re out cruising for pleasure. And if you’re involved in an incident that’s covered by your policy, your insurer will cover the costs of any repairs or losses up to the policy limits. Most policies even offer deductible-free options.
What Does It Cover?
Physical Damage
When it comes to physical damage to your classic car, classic car insurance has you covered. With comprehensive and collision coverage, you won’t have to worry about depreciation like you might with regular car insurance. Instead, you’ll receive the insured value of your car if it’s stolen or totaled, minus any deductible. And if your car needs repairs after an accident, the insurer can cover the cost of using original parts rather than cheaper, aftermarket options.
Damages/Injuries Caused to Others
If you cause damage or injuries to others while driving your classic car, don’t fret. Classic car insurers offer at least the minimum liability coverage required by your state. In fact, Progressive Classic Car by Hagerty usually matches the amount of liability coverage on your everyday auto policy.
Roadside Assistance
Need roadside assistance? No problem. Most classic car insurers offer full-service roadside programs that include flatbed towing with soft straps. For example, Hagerty’s optional roadside assistance can tow your car to the nearest repair facility, provide winching, jump-start your battery, deliver fuel, unlock your car if you’re locked out, and change your flat tire.
Classic car insurance is a specialized type of insurance coverage that’s tailor-made for vintage or classic cars. These beauties are often more valuable and older than the average car on the road, and they deserve the right type of coverage and protection.
One of the most significant differences between classic car insurance and standard car insurance is how the value of the car is determined. With a standard car insurance policy, the value of the car is typically based on its current market value or cash value. However, with classic car insurance, the value of the car is usually based on its agreed-upon value, which is the amount that both the owner and the insurance company agree the car is worth.
Classic car insurance policies offer a range of specialized coverage options that are not available with standard car insurance policies. For instance, some policies may offer coverage for spare parts, roadside assistance, and travel expenses associated with attending car shows or other events.
Furthermore, classic car insurance policies often come with restrictions on how the car can be used. Some policies may require that the car be stored in a garage or other secure location when not in use, while others may limit the number of miles that can be driven each year.
If you own a classic car, make sure you have the right type of insurance coverage to protect your investment. Classic car insurance can provide the specialized coverage and protection you need to enjoy your car with peace of mind. However, it’s important to shop for policies from an insurance company like Inszone who has years of experience in providing the best coverage at the most affordable price.
Juan Cruz
