Three Things You Need to Know About Classic Car Insurance

Classic car insurance and regular car insurance aren’t the same. For one, getting classic car insurance is impossible unless your car is at least 20 years old. There are also storage requirements and usage limitations to abide by. For instance, it’s important the vehicle gets stored somewhere safe and secure. Secondly, owners cannot use their classic cars to drive anywhere. That’s why you typically see these types of cars only at car shows and other special occasions. Some other significant differences include:

  • Cost: Classic car insurance is usually cheaper than regular car insurance. One reason behind this is that classic cars aren’t usually driven as much as new models.
  • Coverage: Many classic car insurance policies offer specialized coverage options customized for classic cars, such as coverage for expert repair services or vintage parts. 
  • Actual value vs. agreed value: Classic car insurance uses an agreed value to assess the amount of the payout to give you if your car gets stolen or lost. The agreed value is the amount you and your insurer agreed as the value of the car at the start of the policy. Regular car insurance goes by the actual cash value system. In other words, your payout is based on your car’s depreciated value at the time of the claim.

Classic car insurance has a lot of benefits for owners in St. Augustine, FL, but it’s still important to shop around and compare quotes from different insurers to ensure you’re getting the best coverage for your specific classic car at the best price. Our agents at Tim Huber Insurance will walk you through the terms and conditions of your policy so you get a comprehensive understanding of what’s covered and what’s not.