Thousands of people across the United States attend special car and trade shows every month. Collecting classic cars has become a popular hobby. However, even these special cars need protection. That's why classic car insurance has become important.
Classic cars are unique investments. These cars earn their status by being at least 25-30 years old. They are generally in good condition because they have low mileage. Generally, the only time people drive classic cars is to trade shows and special exhibits. As a classic car collector, you must stay up to date on your maintenance.
Classic car insurance is an asset because it helps you protect your investment. Classic car insurance helps protect muscle cars, hot rods, exotic cars, and vintage cars if they are damaged or vandalized. The policy allows you to protect your most prized possessions. While researching classic car insurance policies, it's important to have your vehicle appraised. That way, you can determine its true value.
Traditional auto insurance policies may provide some protection for a classic car. However, the only way to cover the vehicle's full value is by purchasing classic car insurance. Remember that traditional auto insurance policies weigh a vehicle's age, depreciation, and mileage when figuring out its true value. If a classic car has been altered, there's a good chance that it is worth more than its depreciated value. In this instance, traditional auto insurance is not enough to fully cover the cost of repairs if you are involved in an accident.
Classic car insurance provides similar benefits to a traditional auto insurance policy. You are protected if you are involved in an accident with another driver or if you hit an object and cause property damage. Comprehensive coverage protects you if your vehicle is stolen, vandalized, or damaged due to inclement weather such as a fire or hurricane. If you are held liable for the damages, liability coverage will take care of the legal fees and possible medical bills. Bodily injury liability also covers you if one of your passengers is injured. Remember that policy terms are based on your classic car's actual cash value, including depreciation. Classic car insurance provides similar benefits to a traditional auto insurance policy. You are protected if you are involved in an accident with another driver or if you hit an object and cause property damage.
Classic car insurance covers any repairs if your vehicle is damaged. You can use the policy to replace rare parts such as special wheels and engines. Classic car insurance covers any accessories that you have added to your vehicle if they are stolen or damaged. Classic car insurance also includes emergency towing and roadside assistance. You are protected if your vehicle suffers engine failure, a flat tire, or a dead battery. Storage coverage is also significant. You can cover your classic car so that it is protected while you keep it in a storage unit until the next time you drive it.
You cannot use your classic car as your daily method of transportation. Your insurer may also document in your policy that you cannot drive your vehicle over a specific mileage limit. In addition, you may be required to provide proof that your classic car is stored somewhere safe when you aren't driving it. You should also have a clean driving record to finalize coverage.
Remember, in some cases, you may need to purchase special coverage to drive your classic car to trade shows and exhibits. If you have any questions, contact our experts here at Fuller Insurance Agency today.