No one needs to tell a classic car owner what labors of love these beauties happen to be. What you might not realize, though, is that the wrong kind of insurance to protect your classic car can be just as devastatingly heartbreaking as any accident that does damage to your precious piece of history.
In fact, what you don’t know about classic car insurance could be far more costly than you’re likely to imagine. That’s why it’s so important to work with an insurance agency that understands the ins and outs of coverage and the special coverage considerations to keep in mind when it comes to protecting classic car investments.
What’s the Big Deal about Classic Car Coverage?
Classic car insurance isn’t like other types of auto insurance coverage. With most cars, the value of the vehicle declines from the moment it’s driven off the dealership lot. That means that the value assigned by insurers declines accordingly.
You know, more than most, that the value of classic vehicles will never be the “book value” of the car. It is, instead, in the restorations so lovingly made to bring your little bit of history back to prime operating condition.
With fewer authentic parts and products to service these vehicles remaining on the road today, the costs of restorations and repairs, as well as the value of these vehicles to collectors and fans are far above the depreciated value an ordinary auto insurance policy would assign.
For this reason alone, you need specialized protection for classic cars that takes the following things into account:
- An agreed upon value that accounts for the modifications, restorations, and repairs made to the vehicle.
- The high cost of replacement parts and automotive repairs to these vehicles if they are damaged by not destroyed in an accident.
- The nostalgic value of these vehicles to owners and fans who appreciate the memories they evoke.
- Specialized tools, equipment, and skills that may be required to make necessary repairs.
- Coverage for spare parts you have on hand.
- Evacuation expenses if you are forced to move your classic car during an emergency, such as a flood or other natural disaster.
Getting the right kind of coverage for your classic car insurance needs is as important as getting the right amount of coverage. Make sure you have an accurate accounting of spare parts you keep on hand, the value of the car you’re insuring, and more so that you can quickly and easily determine the right amount of insurance protection to purchase.
A trustworthy insurance agency, like Hummel Group can help you make informed decisions about your classic car auto insurance, personal insurance, and risk management needs from the start. Contact us today by calling 800-860-1060 to learn about the different types of classic car coverage we offer and what the right decision for your insurance needs will be.