It won’t be long and summer will be coming to an end with fairs and outdoor car shows, many antique car owners will be taking their ‘ride’ out for a last spin before getting it ready for winter storage. Now is the time to go over insurance coverage for your Classic Car with a professional agent? As you get ready to tuck your car away for the winter, the peace of mind that comes with adequately protecting your financial investment.
Below are 5 tips to acquire proper protection for your Classic Car:
1. Always Insure your vehicle
Some Classic Car owners are under the belief that as a “collector’s item,” Antique Cars that are in storage, parked in the garage or in a shop, are covered under their homeowner’s policy. This is NOT the case!! Just because you are not driving your Antique or Classic Car during the winter months doesn’t mean that you should drop insurance coverage.
In most cases homeowner’s insurance excludes coverage for all motorized vehicles.
It is important to maintain year-round coverage for your Classic Car in case of fire, theft, or other unexpected losses. If you don’t have your antique/collector car listed on an appropriate insurance policy, you may be left to pay the cost of a loss out of your own pocket.
2. Know what your vehicle is worth
Age is not the only criteria that turns a car into a “Classic.” Age, miles driven, customizations and modifications turn a vehicle into a valuable collector’s item. Have you had your classic/antique car appraised?
Most standard car insurance policies cover a car for Actual Cash Value (ACV). ACV factors in the depreciation of the car as it ages. Classic Car Insurance policies offer Agreed Value. Agreed Value is what you want to have on your Classic Car policy. In case of a total loss, it would pay for the full value of the car.
The National Automobile Dealer’s Association offers helpful tips on adequate valuation of cars and specs for Classics, Exotics, Collectibles and Muscle Cars.
3. Roadside Assistance Coverage Suggested
Classic/Antique Car owners are 6 times more likely to experience a breakdown than an accident. Insurance policy needs to includes Flatbed Towing. Flatbed towing is the safest way to transport a damaged high-value car.
4. Flexible Usage
Look for a Classic Car policy that can be flexible, according your needs, usage, annual mileage and projected liability, which may help in keeping the cost down on your Classic Car insurance policy (as opposed to adding your Classic to your standard Auto insurance policy.) Policy should also offer coverage options for special situations such as participation in Automobile Clubs or Car Shows.
5. Why Can’t I Add My Classic To My Standard Car Insurance?
Your Classic/Antique Car can probably be added to your standard car insurance policy. However, a standard car insurance policy is designed for daily driving in a standard vehicle, and most likely does not offer many of the specific “extra coverage’s”, previously mentioned, that benefit a Classic Car policy holder. Oftentimes, coverage under a standard auto policy is also significantly more costly.
Look for a Classic Car Insurance Policy that offers extras such as:
- Selecting your repair shop of choice ( you may know a specialist in your area)
- No deductible
- Restoration coverage
- In-house claims handling is always a plus!
Questions? Give our agents a call at 1/800-866-6440. We look forward to serving you.