Restoring and owning classic cars can be a fulfilling hobby. It can also get expensive. Since classic car owners put a lot of money, time and love into their restorations, they want to make sure that these prized possessions are protected. Classic car insurance is one way you can protect your investment.
What is Classic Car Insurance?
Classic car insurance is a special category of insurance reserved for antique and classic restored cars. Because these cars have a value which is not based solely on the market value of the car itself, it is imperative that they have special insurance coverage.
What is the Definition of a Classic/Antique Car?
In most cases, a car is considered a classic if it is 10-24 years old and has been restored to its original state. In most cases, these cars are not used full time and in all cases, these cars must be stored under specific conditions. An antique car would be a car 25 years or older, also restored to the original state, with limited use, stored under specific conditions.
How Are Classic Cars Insured?
Classic cars are insured for what is called an agreed amount. This amount has nothing to do with the car’s market value, but rather this is an amount that the owner and the insurance agency decide upon based on the restoration that has taken place and the value of the car in a collectible context. In most cases, an insurance policy for a classic car will be highly dependant upon the owner adhering to certain protective measures for the car. These measures are put in place to make sure the car is not put at unnecessary risk.
If you would like to learn more about classic car insurance, please contact our friendly staff at Blanchard Insurance in Altamonte Springs, FL.