Since you have purchased a classic or antique vehicle, you’ll also want to properly insure your investment. With adequate coverage, you can rest assured that your one-of-a-kind beauty from back in the day will be protected.
A typical Classic Car Insurance policy includes the following:
- Agreed Value Coverage – Pays for the car’s full-insured value with no depreciation in the event of a total loss, less your deductible.
- Inflation Guard – To compensate for inflation and appreciation, the policy increases the vehicle’s value quarterly.
- Spare Parts Coverage
- Flexible Usage – Limits on mileage ranging from 2,500 to 5,000 miles annually. Not limited to parades.
Additional Coverage Options
- Emergency Towing in case of breakdown
- Roadside Assistance for items such as a flat tire, dead battery or running out of gas
- Emergency Lockout
- Lost Key Return
- Emergency Travel Expenses in case your classic vehicle breaks down while away from home
- Car Show Expenses – policy will pay for expenses associated with missing a car show due to a breakdown
- Theft Reward
- Personal Effects – policy will reimburse you for items that are vandalized or stolen when reported to police
How will you use your vehicle?
- When insuring a classic car, you must consider how you will be using the vehicle:
- Will you only drive the vehicle to car shows or in a few parades? If so, your policy should be limited to those circumstances.
- Are you going to use your antique vehicle to go to the grocery store, hit the beach or visit a relative? Then, your policy should reflect this kind of use.
- How many miles do you intend to drive each year?
Since classic and antique vehicles are so diverse, your insurance coverage will be specific to your vehicle. There are many considerations that you need to discuss with your insurance broker while creating a policy to suit your classic car.