If you remember the moment when you purchased your first antique car, you know how exciting it can be. Since then, you have probably looked after your classic vehicle in the best way possible, keeping it clean, maintaining it, and sheltering it. However, finding the right insurance policy for your collector car is just as essential to avoid painful losses. The right insurance agency in West Virginia can help you take care of all that can be tricky. Here at Yeager Insurance, we have implemented an all-covering package for your loved classic car!
What is Collector Car Insurance?
Antique or collector cars have celebrated a venerable birthday. In some areas, these vehicles are considered classic if they are older than 20 years old, while in others, they need to be over 45 years old to enter the class of antique cars. In West Virginia, a vehicle must be older than 25 years old to qualify for such a category.
As you know, the value of such vehicles is much higher than its actual cash value. Time and cultural relevance have added a lot to their initial worth!
Classic car insurance policies are designed to protect your asset up to a value agreed upon between you and your insurance agency (known as agreed or guaranteed value).
How Does Collector Car Insurance Work?
Collector vehicle insurance can help you protect your vehicle and consider the added value of a collectible, especially if restored or well looked after. You and your insurer will decide what the perfect policy for your vehicle should cover. For example, if you are only planning to drive your car around your hometown, you might not need racing insurance.
Then, you will both agree on the value of the car. This “agreed value” is a close estimation of how much your vehicle is worth considering its age, state, history, eventual restorations, and maintenance level. This value is the amount that you can claim if something happens to your car.
Is Standard Car Insurance the Same as Collectors Insurance?
When you insure a standard vehicle, the value of the car is its significant cash prize. In the case of an accident, your insurance will pay you a fraction of this amount. However, in the case of classic cars, they value much more than their original cash value. The policy will adjust to all the factors that constitute the vehicle’s value today.
Other differences between the two policies include potential add-ons, such as racing coverage and garage insurance.
What Does Classic Car Insurance Cover?
Classic or antique car insurance policy includes:
- Traveling coverage
- Roadside assistance
- Auto show medical expense reimbursement
- No attendance required (ideal if you leave your vehicle unattended at car shows)
- Spare parts coverage
Can You Bundle Classic Car Insurance?
Depending on what type of use of your car you will do, you can bundle up different coverage types to ensure that your antique vehicle is covered. However, if you are not sure about what kind of policy would be most suitable for you, getting in touch with our team at Yeager Insurance will allow you to craft the perfect insurance coverage for you. Contact us today.