How Is Classic Car Insurance Different From Regular Car Insurance?

Insurance Blog

If you own a car that is considered a classic car, you might want to purchase classic car insurance for the car instead of regular car insurance. While regular insurance and classic car insurance both provide coverage for a vehicle, there are some differences with these two types of coverages. Here are two main things to know about classic car coverage versus regular car insurance coverage.

Classic car insurance covers the actual value of the car

One key difference between regular car insurance and classic insurance is the amount of coverage it offers if you are ever in an accident or if something else happens to the car. With a regular car insurance policy, the insurance company would base the amount of money they give you on the current value of the car. With a classic car, the car is covered for the appraised value of the vehicle, and this is an amount that is agreed upon when you purchase the coverage. With a regular car, you do not agree upon a value with the insurance company. If something happens to the car, the insurance company would determine how much the car was worth on the day of the accident. With a classic car, the insurance company would give you the exact amount listed as the value of the car on the policy you have.

You should keep classic car insurance whether you drive the car or not

The second difference to consider is that if you have a regular car that you do not use or drive at all, you really do not need to keep it insured. On the other hand, when you have a classic car that you do not ever drive, it is still important to keep insurance on it. A classic car insurance policy is the only protection you will have for your classic car, and it will protect the car if damage occurs from theft, vandalism, fire, or anything else.

The good news is that classic car insurance is usually very reasonably priced, and this is primarily because the risks of filing a claim on the policy are very low for most people that own classic cars, especially when they do not drive them often.

Owning a classic car is exciting and fun, but it is always important to have the right types of coverage on the car. To learn more about car insurance coverage options for a car you own, talk to a local auto insurance agent today.


12 June 2019

Preparing for the Future

Ten years ago, I married my best friend in a beautiful, intimate ceremony. My husband and I have been nearly inseparable and we’ve enjoyed this special time in our lives where it has been just the two of us. However, we’re finally ready to have a baby. Because I only work part-time, my husband is the primary financial provider in the family. If something ever happened to him, I wouldn’t be able to instantly support myself and a child. Because my husband worries about an uncertain future, he is considering purchasing a larger life insurance policy. On this blog, I hope you will discover the best types of life insurance policies for young parents to invest in. Enjoy!