Defining “classic car”
Different companies have different vehicle and age requirements, but vehicles are generally considered classics if they maintain or appreciate in value and are of limited production or special interest.
Qualifications for classic car insurance
• Drivers must have a good driving record. Some companies require drivers to be 25 or older.
• Vehicles typically need to be securely garaged.
• Vehicle can not be used for back-up or daily transportation. Some companies have strict mileage limitations; others are more flexible.
How do you choose a classic car insurance expert?
As you shop around, here are some things to look for:
• Agreed or Guaranteed Value coverage - It’s the only way to make sure you get the full value of your classic.
Most specialty insurers offer Agreed Value or Guaranteed Value, which means you and the insurance company agree on a value for your car. If there’s a covered total
loss, you’ll receive that full value, less any deductibles. Some companies require appraisals at your expense, while others will only insure cars for book value – no negotiations.
The best companies don’t require appraisals, and rely on their expertise and your opinion to determine an accurate value for your classic.
• Good Reputation - Ask around and read online reviews. Find out how companies treat their clients and deal with claims.
• Financial stability - Choose a company with an A.M. Best rating of “A-” or better. This means that the company is financially strong and benefits from good management.
• Lets you choose the repair shop - In event of a claim, you should choose who repairs your classic.
• Has experience, expertise and passion when it comes to classics.
For more information on classic car insurance or for your personalized quote, contact us today - (877)277-9036
Source: Hagerty Insurance