FRIDAY, MARCH 12, 2021
If you own a classic or antique car, you probably already know that your typical auto insurance policy may not provide proper coverage for your investment. That’s why there’s a special type of insurance for you—antique and classic car insurance.
As the name suggests, antique and classic car insurance is designed to provide coverage for a specific type of car. Regardless of how you intend to use the vehicle (e.g., as a show car or a pleasure car), antique and classic car insurance can provide unique coverage to protect your investment.
While all policies vary in coverage and covered amounts, the typical classic and antique car insurance policy includes:
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Flexible usage: Ability to drive the vehicle up to 2,500 or 5,000 miles annually. Not limited to “parades only.”
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Agreed value coverage: Pays for the car’s full-insured value with no depreciation in the event of a total loss, less your deductible.
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Inflation guard: To compensate for how classic cars increase in value over time, the policy increases the vehicle’s value quarterly.
If you feel that you need to obtain additional coverage, you usually can. In many cases, you can purchase additional coverage and customize your antique or classic car policy to fit your needs. Some common additional coverage options include:
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Car show expenses: Policy will pay for expenses associated with missing a car show due to a breakdown.
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Theft reward
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Emergency towing in case of a breakdown.
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Roadside assistance for items such as a flat tire, dead battery or running out of gas.
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Emergency lockout
Summary
Protecting your antique or classic car is probably already a top-of-mind concern, but it pays to go one step further. Secure adequate classic and antique car insurance today to protect and preserve your investment.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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