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Classic Car Insurance Tips to Help You Protect Your Asset

Apr 07, 2022

Car Insurance

Classic Car Insurance Tips to Help You Protect Your Asset

Classic cars are unique assets, and they require a special insurance policy to cover them against unforeseen incidents. Analysts point out that the classic car insurance market has stabilized. A new generation of classic car insurance fans is poised to enter the market. New consumers on the market must learn about the coverage options for their classic cars. Here are a few tips to help you find the necessary coverage for your classic car.

  • Buy Coverage for the Car’s Agreed Value

    Remember that collector car coverage is different from traditional auto insurance coverage. Most classic car insurance policies are designed based on the current value of the vehicle as the policy is issued. Analysts point out that agreed value coverage helps protect the value of the vehicle.

  • Review the Policy

    Insurers will likely want to look over thorough service records regarding the classic car. The cars should be in excellent condition while being maintained regularly. Look over your coverage regularly. Some drivers only check the policy every few years, which is a mistake. You should have a policy that reflects the current value of your car at all times. If the value of your car fluctuates, there's a chance that you can save on your premium according to the current market conditions. It's recommended that you go for a drive in your classic car and then contact your insurer to determine if you need to modify your policy.

  • Understand the Potential Underwriting Changes

    Properly underwriting classic car insurance policies is important to enjoy extensive coverage. Generally, it is expected that you will only drive your classic car occasionally and the majority of the time, it will stay parked in your garage. Analysts pinpoint that underwriting conditions are changing as the new generation of classic car owners prefers to drive on the open road. They project the amount of classic car driving to increase. Therefore, creating a policy becomes more complicated. You can switch from a classic car policy to a collector car insurance policy with a few adjustments. A collector policy makes it easier for you to drive your vehicle regularly without potential complications.

  • Get Foreign Coverage

    Insurance agents are aware of a new trend that is emerging. Many car collectors purchase vehicles overseas and bring them into the United States. Simultaneously, drivers are also shipping their vehicles overseas to use them while they are out of the US. If you plan to participate in this trend, consider adding foreign coverage to your policy.

Protect Your Classic Car with Fuller Insurance

The classic car insurance market is evolving as new consumers emerge. These classic car insurance tips can help you find the right policy to protect your prized asset. If you have any questions about classic car insurance, contact our team at Fuller Insurance Agency for assistance.

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