Does your love of cars border on obsession? Perhaps you own a piece of automotive history — a perfectly preserved 1930s dual-cowl phaeton or 1960s roadster. Maybe you spend weekends cruising the boulevard in your classic custom or hot rod. Or your taste might run to exotic sports cars. Whatever your automotive passion, you can protect your collectible vehicle — and your investment in it.
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Liability insurance
Collision & Comprehensive
Uninsured Motorist
Cherished Salvage
Spare Parts & Tools
Liability insurance coverage
Risk Factors
This coverage is quite important for unintentional damages and injuries.
Solution
This coverage pays for damage and injuries you cause to others. It also pays for a legal defense in case you are sued because of the car accident you caused. This coverage type is required in most states if you plan to drive your vehicle on public roads.
Collision & comprehensive coverage
Risk Factors
Your classic car is exposed to a wide range of risks, and you need coverage to cope with the losses.
Solution
These insurance types cover a wide range of problems, such as car accident damage to your car, auto theft, vandalism, collisions with animals, fire, flood, hail, falling objects, and riots.
Uninsured motorist coverage
Risk Factors
There can be a possibility that you crash into an uninsured driver and damage your classic car.
Solution
This coverage pays for your medical bills if someone without insurance crashes into you. Some states require you to carry this coverage. In some states, it can also cover car damage caused by an uninsured driver.
Cherished salvage coverage
Risk Factors
Your classic vehicle is totaled by a problem covered by the policy (like a car accident or flood) and damages your vehicle.
Solution
With this coverage, you’ll have the right to keep the salvaged car and still get a payout from the insurance company (minus your deductible).
Spare parts & tools coverage
Risk Factors
You take your classic car to the service station, and they ask you to replace some damaged spare parts with new ones.
Solution
This covers spare parts and personal tools to maintain or restore your classic car. Some auto insurance companies might cover spare parts, even if not intended for the vehicle on the policy.
What is Classic Car Insurance?
Classic car insurance is a special policy that helps protect antique or classic cars. Classic automobile definitions vary, but according to the Insurance Information Institute (III), a car is deemed a classic when it is at least 25 to 30 years old.
Standard automobile insurance may give some coverage for a classic car, but it may not cover its worth. This is because traditional plans evaluate age, mileage, and depreciation when estimating the value of a vehicle. On the other hand, a classic car that has been customized or repaired may be worth more than its depreciated value. As a result, more than basic automobile insurance coverage is needed to cover the cost of repairs following an accident.
What are the types of Classic Car Insurance coverages?
Classic car insurance typically offers coverage types similar to a personal auto insurance policy:
Liability auto insurance
This coverage pays for damage and injuries you cause to others. It also pays for a legal defense if you are sued because of a car accident you caused. This coverage type is required in most states if you plan to drive your vehicle on public roads.
Collision and comprehensive insurance
Together, these insurance types cover a wide range of problems, such as accident damage to your car, auto theft, vandalism, collisions with animals, fire, flood, hail, falling objects, and riots.
Uninsured motorist coverage
This coverage compensates for your medical fees if someone without insurance smashes into you. Some states require you to get this insurance. It may also cover several areas of automotive damage caused by an uninsured driver.
The following alternative coverage types are frequently available in addition to the standard coverage types for classic automobile insurance, allowing you to customize it to your specific requirements:
Cherished salvage coverage
Spare parts and automotive tools coverage
Vehicle under construction coverage
Automobilia coverage
Why is Classic Car Insurance important?
They're often more expensive than everyday rides and may require more complicated and specialized repairs if damaged. In addition, classic and collector cars are more likely to be stolen or vandalized of their value and rarity, making insurance all the more critical.
How do you qualify for Classic Car Insurance?
When applying for classic automobile insurance, more than only the vehicle's age and worth is considered. According to the III, you will need to meet additional standards. For example, a car covered by classic automobile insurance cannot usually be used for daily driving. Mileage restrictions may apply to a classic car insurance policy. Some insurers may want confirmation that the car is stored correctly and that you have another vehicle for ordinary usage.
Few insurers allow you to drive the vehicle to car exhibitions and auto club functions. If not, the III warns you may require specific coverage for certain trips. The insured vehicle must be securely stored in a private garage or other locked facility when not in use.
Insurers may also require a clean driving record to purchase or renew a classic car insurance policy.
Get in touch with us to know more about coverage options so you can protect your classic car.
Already have Classic Car Insurance? Switching is easy
It might be time to switch insurers whenever your existing insurer's service doesn't meet your needs. For example, it might be time to consider other options if you have poor claims experience or an unexplained rate increase.
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
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DiSpirito Insurance Agency
We extend coverage to individuals and businesses in Moorestown, NJ and surrounding areas.
