Purchasing Car Insurance for Classic Car
If you own a classic vehicle, you need insurance just like do on any auto. Cars and trucks that are more than 20 years old have different needs, and you can’t just go to the blue book to get a true value. If you’ve modified and improved your vehicle, it has a different valuation than another car without any modifications. To make it even more difficult to value your vehicle, there are no standard definitions for classic, antique, and vintage cars. Your car insurance for classic car needs to be customized for your vehicle.
Classic car insurance is not based on the number of miles you drive, but the value of your car. Even if you’re not driving your car, it can still be damaged while in your garage. Think hurricane and theft. Most insurance companies will require that you store your classic car in secure and locked garage, but what if the roof fell on top of your vehicle? Car insurance for classic car is available during a restoration so that your car is protected while it’s in the shop.
Even if you don’t have an appraisal on your classic vehicle, you can still get coverage based on an agreed value. This is different from the actual cash value you would receive on a regular policy. Agreed value does not depreciate. Make sure your classic vehicle is covered by finding the right policy.