Classic car owners are passionate about their vehicles. With warmer weather here, they are once again taking their beloved vehicles out of storage for the driving season. This is an opportune time to contact your agent to review your policy, discuss any changes, and to make sure you have the most appropriate coverage for your automobiles. Classic car insurance companies in CThave the ability to offer superior coverage at lower premiums as well as provide other benefits specifically tailored to antique and collector cars.
Differences between a classic car carrier and a standard auto carrier
The main difference between a specialty classic car carrier and a standard auto carrier is, a) the type of policy offered and, b) how the policy accounts for a vehicle’s value. Guaranteed, or agreed value coverage is typical for most companies specializing in classic car insurance. A traditional auto policy writes an actual cash value (ACV) or stated value policy, which may not provide adequate coverage.
Guaranteed value coverage simply means that the owner and insurance provider agree upon the car’s value at the time the policy is issued, and that value will not be depreciated in the case of a total loss. An ACV or stated value policy will potentially depreciate the car’s value, which reduces the amount of the claim.
Many collector car owners have an emotional connection to their automobiles and there’s often a sentimental value far greater than any actual dollar value. It is important to accurately value your vehicle when purchasing a policy so speak to a representative at the classic car insurance company or consult a price guide. There are a number of classic car price guides available to research current market values, including Hagerty Price Guide, NADA and Old Cars Price Guide.
Work with insurance companies in CTthat understand the unique needs associated with collectible vehicles because specialty insurers recognize that the risk for loss are far less in a classic car than in a regular-use vehicle, making the premiums much lower in some cases.
Also, search for a company that handles claims in-house which makes for more efficient claims handling and ensures that the person handling the claim has experience with the unique needs a collector car may require during the repair process. Policy options often include repair shop of choice, roadside assistance with guaranteed flatbed towing, and coverage for spare parts and tools.