You go to great lengths to protect your pride and joy. From detailing to parking it in a state-of-the-art garage. You want only the best for your classic car. But are you getting the best insurance coverage possible?
We’ve put together a personal checklist to help you determine what you should look for in a classic car insurance policy. Share it with your fellow classic car enthusiasts.
Specialty Car Insurance Costs Less Than Standard Insurance
It may seem practical to add your classic car onto your current auto insurance policy but it really isn’t. On average, specialty car insurance costs up to 50% less than standard auto insurance. Monthly premiums are less because you don’t pay for coverage you don’t need.
Ordinary Car Insurance for Your Classic? No Way.
Face it, ordinary car insurance is for ordinary cars. It only offers current book value on a car, which decreases every year. The amount paid out on a claim also decreases annually. This kind of policy doesn’t work for collector car owners. A well maintained classic car appreciates from year to year and the cost of restoring them continues to rise.
One Size Does Not Fit All
Standard insurance isn’t flexible. It is one size fits all. Many classic car enthusiasts only drive their cars to a few shows a year. So why pay for unlimited mileage on a standard policy? Collectors store and protect their vehicles in garages so the chance of damage or theft is less than the average car. Specialty insurers knows this so they are able to offer you a discount.
The Ultimate Specialty Insurance Policy
Classic cars are not like ordinary cars, which is why you need to shop for policies that are tailored to your needs as a collector. What is considered a “classic” may vary from company to company so you will need to do some research. Look for a specialty insurance policy that has the following features:
- Agreed value – You need an insurance company that will work with you to determine the appraised market value of your classic car.
- Inflation increase – Your coverage should increase annually to account for inflation. This will help you keep the right amount of coverage needed for your classic car.
- Comprehensive coverage – The policy should pay to repair or replace your car as a valuable classic rather than an older junker.
- Underwritten by a reputable company – Many companies can claim to cover your classic but you need one that can actually do what they promise.
- Flexible usage plans – Look for different mileage plans to fit your needs.
- Broad eligibility – An insurance company that covers a wide range of car types, even ones still undergoing restoration, will be a company that understands collector cars.
- Knowledgeable staff – A company that understands classic cars will make filing claims easier.
- Prompt response time – Having an accident away from home leaves you feeling vulnerable. A company that offers quick, reliable service is a must.
- Flexible repair policy – Being able to use a garage of your choice is a bonus.
- 24hr flatbed towing – Having round-the-clock access to a tow service is important. A policy that offers optional flatbed towing will take a weight off your mind.
Collector and Classic Car Insurance for Less
Make sure you are protecting your classic cars with the right kind of insurance. Consider a specialty insurance company like Classic Auto Insurance to help you protect your investment. Getting a quote is as easy as picking up the phone (888-901-1338) or getting a free quote online (Instant Classic Insurance Quote). Our friendly, knowledgeable staff can customize a policy specifically for your vintage automobile. Let us take the stress out of protecting your classic car so you can focus on just enjoying it.