Classic car insurance is the best way to help keep your classic vehicles protected against any unexpected events that could cause a financial hardship on you and your hard work.
What exactly does classic car insurance cover?
Classic car insurance covers the basics of a standard auto insurance policy. This includes:
Bodily Injury Liability: Coverage if you are found at-fault for an accident and responsible to pay for the sustained injuries of the other party.
Property Damage Liability: If you are found responsible for an accident and there are damages to another party’s vehicle or property.
Collision: You are in an accident and there is damage to your vehicle.
Comprehensive: Your vehicle is stolen or damaged due to non-collision.
Medical Payments: Pays for your own medical bills due to an injury sustained in an accident in your classic car (would work in conjunction with your health insurance)
Uninsured/underinsured Motorist: You get into an accident where the other party is at-fault but they don’t have sufficient insurance to cover damages to you, your passengers, and/or your car
Roadside Assistance: This coverage can help cover the cost for a tow. Roadside assistance can also include the cost of labor, if your car can be fixed on the road.
Does classic car insurance offer more?
Unlike standard auto insurance, classic car insurance also offers additional coverage options that are unique to owning a vintage car.
Agreed Value: This is a key difference in personal auto policies versus classic coverage. Most cars begin depreciating the moment they’re driven off the lot, standard insurance companies insure your cars accordingly. They will adjust your payout based on what the car would be worth the day of the accident (prior to any damage occurring), instead of what you originally paid. This is referred to as a vehicle’s Actual Cash Value. Stated Value is coverage that reflects an amount that is “stated” at the onset of the policy. You tell your insurer what your car is worth (with proper documentation) and it is insured for that amount. The company can choose to pay you either the Stated Value or the Actual Cash Value, whichever is less.
Alternatively, Agreed Value, coverage primarily offered by specialty insurers, is based on the proven value of your car as determined by you and the insurance company, according to appraisals, photos, or other relevant documentation. With Agreed Value coverage, the insurance company will guarantee that they will pay this agreed-upon value in the event of a covered total loss.
Spare Parts: Spare parts to restore or fix your car can be very expensive. You want to make sure they’re covered during the restoration process and/or in storage in case of theft or damage. Spare parts not on your car are typically not included in basic classic car coverage, so you need to make sure to specify them with your company.
Event-specific Classic Car Coverage: This optional coverage is specific to using your car in shows, exhibits, parades, and events. Examples of this coverage includes: traveling coverage, auto show medical reimbursement, and no attendance required.
Special Restoration: Replacing classic car parts or making repairs can be a lot more expensive than repairing a regular car. Many classic car insurance companies will offer higher coverage limits for specialized parts in the case of damage or loss to one of yours.
You can get all of this coverage usually at a lower cost than standard auto insurance. Because classic cars are typically considered less risky than primary ones, you’ll often get a discounted rate for your premiums.
Is classic car insurance right for me?
If you have a classic car, we strongly suggest you consider getting covered with a classic car policy. Generally, if the car is over 25 years old it's considered a classic. Whether you’re restoring, showing, or just admiring your classic car, you don’t want to put your valuable asset at risk.
With extensive coverage at a low premium, classic car insurance is the best way to protect one of your most prized possessions.
Let’s get your classic vehicle insured. We'll explore the options that work best for your car and offer quotes.
Contact our office: 845-255-7806 or info@devineinsurance.com
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