It took years of saving, but you’ve finally done it. You’ve bought that cherry red convertible that you’ve wanted all your life. It’s the exact make and model you’ve dreamed of since you were a kid. It’s time to get out and enjoy the open road, or maybe just stow it away in the garage for the occasional Sunday drive. Before that convertible hits the street, it’s important to look into your insurance options to protect that precious piece of machinery.
Considering Classic Car Insurance
As you look into what an insurance company has to offer you in terms of classic car insurance, you may run into different criteria that they require to best provide you with this type of coverage. Some insurers may not feel at ease with using a classic car for everyday errands like grocery shopping and picking up family members. In fact, some auto insurance providers actually require that you own a primary vehicle for those tasks. They’ll also require that you have a locked, private structure where this vehicle can be stored with limited worry over potential theft.
Some insurance providers will provide a provision under their terms and conditions that covers your travel to and from car shows or auto club meet-ups. As you look into your options across the insurance industry, it’s worth checking on the travel restrictions that could best protect you in the event of an insurance claim. One thing that an insurance company will look into before deciding to protect you in the event of a covered loss is your driving record, much like with any auto insurance policy.
Signing With an Insurer
Property damage and bodily injury liability coverage are commonplace in a standard auto insurance plan, and that also falls true for insuring classic cars. While personal liability and theft and fire protection may be on the policy, there are some key differences in these plans throughout the insurance industry. Your car’s value is particularly unique, as there’s no set actual cash value as you would get from a more recent model under the Kelley Blue Book. You and your insurer will have to reach an agreement on the value of the vehicle.
Keep in mind that classic cars actually gain value over time, while regular vehicles depreciate with each mile. Be sure to check into the best rate available through an insurer regularly, as you’ll want to make sure that the insurance products at your disposal are just as prime as the condition of your ride. These policies also dip into specialties like repair or restoration that is more than the usual tow truck and auto body trip, as well as special towing and spare parts for rare, hard-to-find components.
Bundling With Other Insurance Policies
Just like most insurance policies, you might be able to find an insurer that allows you to bundle coverage, better protecting all assets in your life. If you find yourself doing home insurance compare online, be sure to look into what auto insurance capabilities that company may have. Where homeowners insurance can protect your personal belongings, it may also be able to cover your classic car if it’s safely stored inside your home’s garage.
This personal property coverage under a homeowners policy could save you in the long run or act as a supplement to your current car insurance policy. Be sure to consult with an insurance agent for further insurance, as you’ll need to make sure that your car, along with your house, has a specific line of flood insurance to protect you in the event of any natural disasters or storms. Check all of the fine print when it comes to any insurance policy of any kind.
