NJ Classic Car Insurance Gives You Full Value Protection

If you have ever thought about purchasing a classic car or collector car, you may have asked yourself why would you buy special insurance as opposed to just getting coverage from your current agent? An NJ classic car insurance company has the ability to offer superior coverage at lower premiums and can also provide other benefits specifically tailored to collector cars.

Policy options often include repair shop of choice, roadside assistance with guaranteed flatbed towing, and coverage for spare parts and tools. These are added extras that can really make a difference for owners of vintage vehicles.

Classic car carrier versus standard auto carrier

The main difference between a specialty classic car carrier and a standard auto carrier is the type of policy offered and how the policy accounts for a vehicle’s value. Remember that most classic cars appreciate in value over time, while most modern cars depreciate.
A traditional auto policy writes an actual cash value (ACV) or stated value policy, while guaranteed (or agreed) value coverage is typical for most companies specializing in classic car insurance.

Guaranteed value coverage means that if the car is ever damaged or completely totaled, as the owner you’ll receive compensation for your vehicle as agreed upon by the insurer at the time the policy was issued. Otherwise, the ACV policy will potentially depreciate the car’s value, reducing the amount of the claim.

As a classic car owner you are probably quite passionate about your vehicle and rightfully so. For you, the vehicle represents more than just transportation, usually because it’s often a family heirloom or may be the very first car you bought in your youth. There’s a sentimental value that is far greater than the actual dollar value of the car. You therefore deserve the opportunity to get the best protection for your vintage car, which you truly cherish, and the peace of mind knowing that you are always properly insured.

It is important to maintain NJ classic car insurance coverage even if the vehicle is at a shop or in storage and not only while being driven. In the event of fire or theft, you will have to absorb the entire loss if the vehicle isn’t properly covered.