Classic Car Insurance
If you're a classic car owner, it's important to make sure that your investment is protected with an insurance policy specifically designed for the unique challenges faced with older cars.
What does classic car insurance cover?
Classic car insurance approaches a vehicles valuation in a way that is more inline with the market value of a collectible item vs the depreciated values used with traditional auto insurance. ‘Agreed Value’ is a common valuation method with classic cars where the insured and insuror come up with a valuation that is more in line with the real market value of the car. This ‘agreed value’ method takes into account parts availability, skilled labor repair costs, and with some older models, original parts are no longer available anywhere. Sometimes repair is not an option and the agreed value allows the insuror a way to compensate the insured for their loss. Classic car insurance can be structured in a number of different ways in order to reduce costs. Some cars are only for show and are driven less than 500 miles per year. Other owners like to enjoy their collectible classic and seek our policies that allow them to take the dream roadtrip along route 66. No matter how you plan to use your car, classic vehicles often appreciate in value, and experience greater care vs the traditional daily driver that depreciates in value.
What qualifies as a classic car?
Not all cars qualify as classics, and within classic car insurance, there are different categories of coverage. Most companies define classic cars as being at least 19 years old, and antique cars as being at least 24 years old, although this may vary from model to model. There are also categories for classic cars that have been significantly modified, as well as very old cars made before the 1950s. If you consider your car a classic and it's well valued by other collectors, there's a good chance you'll be able to get it insured in this category.
There are some additional things you'll need to do to qualify for classic car insurance. For example, you will likely need to store your car in a garage and keep your usage under a specific mileage limit. Contact MedInsure Group to learn more about classic car insurance.
Contact us at MedInsure Group to find out more by calling us 877-403-8584 or scheduling an appointment with one of our team members here.
Get a jump start by filling in basic information through the following link and we can get some of the work completed before our appointment to make efficient use or our time together! Click Here .