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Your unique collectible also needs unique coverage — so classic car insurance is essential. This kind of coverage takes into account the differences between a classic and standard vehicle, and is often offered at a lower premium than standard coverage. With classic car insurance, you can feel at ease knowing that your collectible vehicle is covered in the case of unforeseen damage, breakdowns, etc.
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What is Considered a Classic Car?
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The definition of a classic car is different for each insurance agency/company, but collectible vehicles are typically:
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Worth a value that has appreciated since the vehicle was first released
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More more than 25 years old
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Muscle and luxury cars
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Not used often and spend most of their time parked
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Different insurance agencies and companies may also have unique requirements for determining whether a vehicle can be covered under classic car insurance. Some common requirements for a vehicle to be considered a collectible include:
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Not being driven daily/regularly
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Having a mileage count that is below a certain (usually low) threshold
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The owner’s driving record
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Storage of the vehicle in a safe/closed off space where it cannot be vandalized
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How does Classic Car Insurance differ from Standard Car Insurance?
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Classic car insurance covers many of the same things as standard car insurance — For example, property damage, collision, and bodily injury liability. However, there are some key differences. In a classic car insurance plan, there is typically an agreed value policy in which you work with your insurer to determine the value of your vehicle. This total will be how much your vehicle is insured for.
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In addition, classic car insurance is often offered at lower premiums than standard coverage. Coverage benefits of classic car insurance typically include:
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A recoup (even if the value of the vehicle has gone up) if the vehicle is lost
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Coverage for spare parts
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Roadside assistance
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Expert insight into repairs for older vehicles
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And more, depending on the insurer
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If you own a precious collectible vehicle, make sure that it is properly covered. Contact I & E Insurance Agency today at (732) 295-5584 or ineagency.com@gmail.com. Our team of experts is here to help!
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