Most people understand that as soon as you drive a new vehicle off the dealership’s lot, it begins to depreciate in value but classic cars actually appreciate in value over time which means your insurance coverage will be different.
People who embark on becoming classic or antique vehicle owners understand they will not be driving these vehicles on a daily basis. You will need a specialized insurance policy for your classic car and here is a roundup of the information you need to know while seeking an insurance policy.
To qualify as a classic car, your vehicle must meet some criteria, including the fact that it must be between 10 and 24 years-old. It must also have a historical interest, such as it is a sports car, hot rod, or muscle car.
To qualify as an antique vehicle, it must be 25 years old or older with the same type of historical interest as classic cars must possess.
Limit the Use
Your vehicle must be used only on a very limited basis, such as driving or hauling it to a classic car show.
Restore and Preserve
Your vehicle must be restored and preserved to its original condition or in the process of undergoing the restoration process. Some insurance agents may reject your vehicle for coverage if it is not in top-notch condition and being maintained properly.
Your insurance policy will probably require that your classic or antique car be stored properly inside an enclosed building.
Understand Your Policy
Understanding your policy is imperative to ensure your investment in a classic or antique car is protected. Your policy will cover liability, collision, comprehension, and medical payments. You can always request increased coverage options if you so choose.
Call Your Agent
The insurance agents at Tim Huber Insurance in St. Augustine, FL are ready to assist you in obtaining the proper coverage for your classic car and can answer any questions you may have. Call today for more information.