Owners of antique classic cars are passionate about their vehicles. With spring and summer’s warmer weather, they once again take their beloved vehicles out of storage for the driving season. With these beauties out on the road and exposed once again to the possibility of an accident or other concerns, it’s an opportune time to speak with your agent.
You may wish to review your policy, discuss any changes that may have occurred, and also make sure you have appropriate coverage for your automobile. Antique classic car insurance provides you with superior coverage for vintage vehicles, often at lower premiums, while providing other benefits specifically tailored to antique and collector cars.
Standard auto insurance just doesn’t cut it
The main difference between a specialty classic car carrier and a standard auto carrier is the type of policy offered and how the policy accounts for a vehicle’s value. Guaranteed, or agreed value coverage is typical for most companies specializing in antique classic car insurance. A traditional auto policy writes an actual cash value (ACV) or stated value policy, which often does not provide adequate coverage.
Guaranteed value coverage means that the owner and insurance provider agree upon the car’s value at the time the policy is issued, and that value will not be depreciated in the case of a total loss. An ACV or stated value policy will potentially depreciate the car’s value, which in turn reduces the amount of the claim.
It’s important to accurately value your vehicle when purchasing a policy, so speak to a representative at the insurance company or consult a price guide. There are a number of classic car price guides available to research current market values, including Hagerty Price Guide, NADA and Old Cars Price Guide, to name a few.
You should only inquire about insurance with companies that understand the unique needs associated with collectible vehicles. Those specialty insurers recognize that the risk for a loss is far less in a classic car than in an everyday use vehicle, and the premiums should reflect this.
You’ll also be better off with a company that handles claims in-house, making for a more efficient claims handling process and ensuring you that the person handling the claim has experience with the unique needs a collector car may require during the repair process. You’ll often benefit from policy options such as repair shop of choice, roadside assistance with guaranteed flatbed towing, and coverage for all spare parts and tools.