Classic car insurance is different than regular auto insurance – classic cars are not meant to be driven regularly. This means that in general, classic car liability premiums are lower because the risk on the road is reduced.
Mileage – Accordingly, carriers often limit the number of miles you can drive your classic vehicle annually. Some are more generous than others – while some have stricter limits rewarded by lower premiums. Always be sure to check before signing on the dotted line to be sure you can drive to attend all the shows you want.
Some specialty classic car insurers offer replacement cost to what is called “Agreed Value” (or Guaranteed Value). This means that the car owner tells the insurer what they consider to be the value of their classic car. The insurer will confirm the accuracy and the two parties will ‘agree’ to a final guaranteed replacement value.
“Stated Value” refers to an amount that is ‘stated’ at the beginning of the policy – supported by documentation supporting the replacement cost. However, in the case of a loss, the insurance company does not guarantee that amount and will pay either the stated value of the actual cash value of the vehicle, whichever is less.
Commercial insurance for classic car dealers is also available. Insurance for this type of business can cover:
Damage to vehicles you own and are selling
Damage to vehicles owned by others in your care, custody, and control
Loss or damage to collectibles, memorabilia or products sold by the dealership
Physical damage to property, gas pumps or equipment
To learn more about personal and commercial classic car coverage, contact your independent insurance agent.
And if you’re in the Hudson Valley, come see us at our Hudson Valley Agents booth at the Fair Street Reformed Church’s Seventh Annual Classic Car Show in Kingston, NY on Saturday, August 17 at the corner of Fair and Pearl Streets in Uptown Kingston. #classiccarinsurance #insurelocal #HudsonValleyInsurance