One of the biggest highlights of your day comes as the garage door opens, revealing your mint condition, vintage blue ‘57 Chevy waiting patiently for your arrival. You slowly pull into the garage, being careful not to disturb your beloved collector’s item. Others view this scenario as just another car parked inside of a garage. You see something that only a few fortunate individuals in your world can experience first-hand.
The image before you rivals that of the top art museum in the country. If it were up to you, that prized possession would sit on top of a red velvet carpet with gold ropes protecting it from the outside world. A significant portion of your weekends have long been dedicated to detailing that car – from the license plate to the tail lights – as if you are getting ready for a vintage car show. Such devotion deserves quality protection that only an insurance policy can provide.
Why Have Insurance?
Your love for this car rivals similar feelings you have for family members. It is essential to protect that love with a classic car insurance opens in a new window policy. You may think that adding the car onto a traditional car insurance policy provides you with a sufficient amount of coverage. This could not be further from the truth.
A standard car insurance policy bases the replacement cost of the vehicle on the current blue book listing instead of the age of the car. That blue book value depreciates each year, which means that your replacement payment (should you require one) is likely to be much less that the actual value of the car. The time, energy and devotion you put into being part of the classic car owners club deserves better protection than what a standard policy will provide you.
You need to place your coveted car on a separate classic car insurance policy. Under that type of policy, the car receives recognition for appreciating in value each year. In the event an accident or total loss occurs, you will receive a replacement payment equal to the car being an official classic and not just another older model.
The specialty insurance company understands that your classic car rarely, if ever, leaves the security of your garage. You put very few miles on the vehicle each year, which decreases the likelihood that you will be in a car accident. For that reason, your yearly insurance premiums will be lower than placing the car on a standard auto insurance policy.
What the Insurance Covers
A classic car insurance policy covers various models of vintage cars for a period of 12 months. You will have liability, collision and comprehensive coverage, in addition to medical payment coverage and protection from uninsured or under-insured motorists. If you have a key fob security system on the vehicle, you may be eligible for a discount on your annual premiums.
Some of this coverage is identical to the coverage that you would receive on a standard insurance policy. The additional coverage categories that you have to select from are what make classic car insurance policies essential for the ownership of your vehicle.
Classic car insurance companies understand that showing off your prize possession to other car enthusiasts may be a big part of your car ownership world. Therefore, you have the option to add protection coverage for traveling to car shows, leaving your car unattended while it is on display at a car show and medical payment reimbursement in the event someone at a car show sustains an injury around your vehicle.
A large part of being a classic car owner entails having spare auto parts on hand should something become lost, stolen or damaged. These damages can occur when your car is in the garage or on display at an auto show. For this reason, you should consider purchasing insurance coverage for items such as the car engine, glass, mirrors, upholstery and other accessories.
Classic car insurance policies may feature several restrictions opens in a new window in your coverage. The classic car may not be your only source of transportation. You will need a second car with standard insurance protection available for travel each day. Your classic car should be in a protective area, such as a garage, when not in use and the annual mileage may not exceed 5,000 miles.
A classic car insurance specialist can breakdown coverage so that it specifically meets your needs.
Why Your Car is Priceless
A classic vehicle may come into your life courtesy of a sales purchase at an auction or restoration show. You then spend countless hours putting the car through a restoration process to restore the vehicle to its original condition. As a result, the car is more than just something that takes up space in your garage. It is more than the insurance payment you make each month. It is the single most valuable thing in your life that brings you sheer joy and that is what makes your classic car priceless.
Call Marine Agency or check out our contact page opens in a new window today to speak with a friendly and knowledgeable classic car insurance specialist who will help you create an insurance policy that ensures you will have protection for the unexpected.