Classic Car Insurance

Owning a classic car, whether it's a muscle car, hot rod, or vintage military vehicle, is like keeping a piece of history in your garage. It's an investment in a particular era of time. And that investment needs protecting. As such, there are some things to keep in mind when considering Classic Car insurance.

• Classic Car insurance differs in one very important way from regular auto insurance. You'll still purchase your traditional liability and physical damage (Comprehensive & Collision) coverages. But with Classic Car insurance, you'll be insuring the value that you and the insurance company agree the vehicle is worth at the time of purchasing the policy. This Agreed Value guarantees that you'll be paid that exact amount should you have a total loss of the vehicle.
• Some insurance companies offer a Stated Amount policy rather than an Agreed Value policy. The difference is important in that a Stated Amount policy doesn't guarantee a payout of the exact value listed for that vehicle. The insurance company reserves the right to pay a depreciated value for that vehicle. This is less than ideal for many vintage auto owners as the depreciated value is often much lower than the perceived value of that vehicle.
• Depending on the insurance company, you may need to do regular appraisals of your vehicle and submit them to your insurance carrier. Some insurance companies require these periodic appraisals to ensure the vehicle isn't over-insured. It's important to keep in mind that these appraisals can add cost to the overall ownership of these vehicles.

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