Our advisors are often asked whether classic car insurance should be part of the regular car insurance policy? In fact, approximately 50% of antique or classic car owners insure their cars on their regular car insurance policies. Quite honestly, ordinary insurance is for ordinary cars and the book value of an ordinary car typically depreciates every year. However, well maintained collector cars will hold their value and may even appreciate. You definitely want the insurance company to recognize the true market value of your car, especially at the time of a loss.
Whether it’s a 1922 Ford Model T, 1936 Packard 120, 1941 Cadillac Series 62, 1957 Chevrolet Bel Air, 1964 Jeep CJ6 or a 1979 Pontiac Trans Am you probably treat the car like a member of the family, or perhaps even better. No matter how protective you are of your collector car, you still need to insure it properly. Driving a classic car, even short distances to a show or event can be risky if you do not have the proper insurance coverage in place.
When shopping for insurance for your classic car, you want to be sure to include liability coverage with limits equal to the limits on your personal auto insurance policy. Talk to your insurance agent to find out why. The policy should also include comprehensive and collision coverage (referred to as physical damage coverage), typically with low or no deductibles and agreed value or stated amount coverage. This way the car is insured for its true value and that is the amount you will receive in the event of a covered, total loss subject to the policy deductible. There are other coverages that some of the classic car insurance companies offer such as flat bed roadside assistance and spare parts.
If you insure your classic car properly, you will always have peace of mind and be able to sleep at night. Why not give our office a call at 703-637-4331, we would be happy to review your current policy or just talk with you about the coverage.
You can always request more information by filling the form below.
Also, car enthusiasts and antique car owners, now is a great time to register for McLean Insurance’s annual charity car show, CARZ CRUIZ IN TO CURE CANCER. The event will be held on Sunday, September 20, 2014 from 9 am – 2 pm. We are currently looking for both – sponsors and participants. More information is available at www.carzcruisinforcancer.org
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