If you’re a classic car enthusiast, you know these vehicles are more than cars. They’re works of art and require a different level of care than your everyday vehicle. That’s why ensuring you have the right classic car insurance policy to protect your investment is important. Here are five things you need to know about classic car insurance.
1. It Differs from Standard Auto Insurance
Classic car insurance is not the same as standard auto insurance. This policy is designed specifically for classic vehicles and considers their unique value and needs. Ensure you’re getting the right coverage by working with an insurer specializing in classic car insurance.
2. Not Every Old Car Qualifies
Just because a car is old doesn’t mean it will qualify for classic car insurance. A vehicle must meet eligibility criteria, such as being at least 20 years old. However, this is just a general guideline. Some insurers may have different requirements, so it’s essential to check with your provider to see if your car qualifies.
3. There are Certain Restrictions
There are some restrictions when it comes to classic car insurance. For example, most policies will only cover vehicles used for occasional pleasure driving. If you use your classic car as your daily driver, you may not be able to get coverage. Additionally, there may be limits on how far you can drive the vehicle in a year.
4. It is Almost Always Based on Agreed Value
Most classic car insurance policies are based on agreed value. This means that you and your insurer will agree on a value for the vehicle ahead of time. In the event of a total loss, you will receive the agreed-upon amount from the insurer. This differs from standard auto insurance, which typically uses actual cash value as the basis for claims.
5. Lying or Omitting Information Can Void Your Policy
As with any insurance policy, it’s important to be honest when providing information to your classic car insurer. If you lie or omit information, it could void your policy. This means you would not be covered in the event of a claim, and you could end up having to pay out of pocket for repairs or replacements.
Classic Car Insurance in Huntington Beach, CA
Classic car insurance is a vital part of ownership for any classic car enthusiast. These five things will help you get the coverage you need to protect your investment. Western Republic Insurance Services can help you find the right classic car insurance policy for your needs. Give us a call today to learn more.