Roughly 250 million cars trudge down American roads every year. A small percentage of those vehicles, however, aren’t being used to run errands or to get to work. Instead, they’re being kept by collectors that are interested in their history and appreciating value. These cars are classic cars, which are tremendous fun to look at, own, and invest in. If you own a classic car that’s sitting in a garage or that you drive from time to time, you must have an American classic car insurance policy backing your property. If you don’t and adversity strikes, you could be out hundreds of thousands of dollars.
Shopping for classic car insurance is a little bit different than shopping for run-of-the-mill coverage. To make sure you understand what to look for when buying policies, keep reading and start learning!
Find an American Classic Car Insurance Specialist
Rather than trying to shoehorn your classic car insurance expectations into a boiler-plate personal auto policy offered by a standard insurer, go the extra mile to work with a specialist.
American classic car insurance specialists are better at understanding what you need in classic car coverage. They also won’t be taken aback by special requests you may have regarding protecting your car’s value.
Get Covered for Agreed Upon Value
Classic car values are tricky to put your finger on and change often. That could create conditions where the value your insurer sees your car at doesn’t align with your perception of its value or where you think that value is going in the immediate future.
To remedy this common disconnect between classic car owners and insurers, there’s what’s called “agreed-upon value”. That value can be worked out collaboratively between you and your insurer.
Agreed-upon value may not align with KBB or other authority estimates. It should still be the value stated in your insurance contract.
Reassess Value Upon Renewal
Insurers covering your car should be open to renegotiating your car’s value every renewal period. Again, this is to make sure your coverage aligns with the ever-changing value of your vehicle.
Value reassessments are a great reason to opt into shorter-term coverage (say 6 months).
Be Mindful of Restrictions
Even the best classic car insurance providers limit risk when working with expensive vehicles. To that end, several bake restrictions into policies which can disqualify you from coverage upon violation.
For example, some insurance policies will put heavy mileage limits on your classic car. That’s to limit your time on the road and likelihood of getting into an accident.
Be aware of these restrictions and negotiate some of them away if they don’t align with your intended use.
Get the Insurance Your Car Deserves
Classic cars bring fun and money to their owners. Seeing as how there are few things more enjoyable than those two elements, we hope you see fit to reward the object that adds so much value to your life by giving it the American classic car insurance it deserves.
We trust our guidance will help you achieve that end. We also welcome you to explore more content on our blog for extra insight on your biggest car questions.