Classic vehicles differ from conventional cars in that their value appreciates, rather than depreciates, over time. To fully protect the value of a classic vehicle, owners need to obtain classic car insurance. A customized classic car insurance policy from Casterlin Insurance Brokerage in Wolcott, NY will ensure you get the protection you need without paying for unnecessary coverage.
Conventional auto insurance policies generally come with actual cash value coverage. If your vehicle is destroyed in a crash, this coverage reimburses you for the current value of your car, less depreciation.
In contrast, classic car insurance offers “agreed value” coverage wherein your insurer guarantees protection for an amount you both agree upon when obtaining the policy. In the event of damage or loss, you’ll be reimbursed for this amount to cover the value of your vehicle.
When selecting a classic car insurance policy, consider the type of vehicle you own, its value, and how the vehicle will be used in New York. Classic vehicles range from antique cars to restricted use classics to modified collector’s items. Your coverage should reflect the value of your vehicle according to its type and use.
All classics should have comprehensive coverage to protect them against theft, vandalism, fire, or other unforeseen disasters. If you never plan to drive your classic, comprehensive coverage may be all you need as you won’t have liability or collision risks.
If you do plan on driving your classic, we recommend you obtain liability, collision, and uninsured/underinsured coverage on top of comprehensive to fully protect your investment. You should be aware that most classic car policies come with driving restrictions such as to and from car shows in New York, in parades, or limited pleasure driving. To get this additional protection, you’ll have to limit your driving as per the restrictions on your policy.
To learn more about classic car insurance options and costs, contact us at Casterlin Insurance Brokerage in Wolcott, NY.