Insuring Your Classic Car

Your classic automobile is a treasure, and should be properly protected. There are 3 essential things to consider when selecting the best classic car insurance for your prized possession.

  1. Pick a company that has experience insuring these unique vehicles. Owning a classic car comes with its own set of challenges and requirements for protection. You will want to work with an insurance organization that appreciates the value of your asset and the circumstances that you face in owning it.
  2. Determine the value of your car. There are generally two types of value considered in these situations. The first type is referred to as stated value. The second category is titled agreed value. Stated value policies depend on an actual cash value, which can decrease over time. Agreed value is determined by the underwriters and the car owner, and will not change. Often you can even alter your agreed value at a later time if the car turns out to be worth more than the arranged insurance amount. Selecting this type of policy is the ideal way to protect your investment.
  3. Decide what kind of coverage makes the most sense for you. You will need to realistically consider what you use your car for. If you only drive your vehicle to car shows, you may be able to find a policy that will be limited to this coverage and possibly save money on your premiums. If you utilize your car often and drive it around town, you will want to obtain the best classic car insurance available that will cover damage, theft, liability, and other potential hazards.