Wondering if your classic car is covered properly? Maybe you are thinking about fixing up that 1968 Camaro you have had sitting in the garage for years. Here is what you need to know about classic car insurance.
Companies who specialize in classic car insurance have requirements for both the driver and the vehicle. If you have had excessive speeding offenses or multiple at fault accidents, you may have a hard time getting a policy for your classic car.
Clean driving record? You're in the clear!
Most companies do require you to have a daily driver that is not the classic vehicle being insured. They do want you to use it, but not for constant errands or for that 45 minute commute to work every day. Classic car shows, and those Sunday cruises with your spouse to the ice cream shop are totally acceptable, as well as encouraged. That is what you have it for anyways, right?
Daily use vehicles, Commercial use vehicles, and off road vehicles typically do not qualify for a classic car policy. Want to know what does? Keep reading!
Collector and classic car insurance- 1979 and older.
Collector truck and SUV insurance- 1996 and older.
1980 and newer vehicles are restricted to limited edition vehicles and exotics.
Classic and collector tractor insurance- 25 years and older.
Collector motorcycles and scooters may qualify.
Modified, rods, and replicas.
Retired commercial vehicles- 25 years and older.
Something to keep in mind while shopping.
Ever heard of Guaranteed Value Coverage? This is why it is important.
Whether you are putting in the hard work and saving up part by part for your sweet ride, or purchasing one that has already been restored and ready to go. I think we can all agree you do not want to lose out on its worth if something were to happen, right?
Guaranteed Value Coverage does just that in the event of a covered loss. The value that you insure your car at is the amount you get if it is a total loss.
Is your vehicle under construction? You can get covered for that!
Under this policy you may receive up to $750 in automotive tools.
Automatic quarterly value increases. As your vehicle gets restored, the value of it will automatically raise by 10% each quarter up to a maximum $25,000.
If your collector is a true project car. This can be covered as well. Photos and restoration details may be required for those of you who are taking your time with the restoration of your classic.
I hope this information helps those of you in the classic or collector car world.
If you have any questions, or maybe you are interested in a quote give us a shout!