Individuals who own classic cars may want to have their vehicles insured under special insurance policies. Classic car insurance is an insurance product that offers coverage for vintage, rare, and exotic vehicles. These policies are not a good fit for everyone who has vehicles that fall into those categories. Additional requirements are required to get classic car insurance. Some individuals may qualify for this type of coverage, but they may choose to keep their vehicles covered under traditional auto insurance policies. This is often because of a dislike for the structure and restrictions of classic car insurance.
The following points offer more insight into this type of auto insurance.
Before a vehicle can be insured under a classic car insurance policy, it has to be appraised. The owner of the vehicle and the insurance company both have to agree to the estimated car value. An agreement must be reached because the appraised value represents the value of the vehicle. If the parties cannot agree on the value, they can opt to try to get another appraisal.
There are a variety of features that classic car insurance has that differ from traditional auto insurance policies. Some classic car owners participate in car shows and other types of competitions. Having this specialty coverage will protect them if they are at an event and leave their vehicles unattended. If any damages occurred during their absence, the cost of repairs would be covered. Some event planners encourage car show participants to allow attendants to sit in or near vehicles. Attendants might want to take photos near classic vehicles. If anyone claims an injury during an event and accuses a classic car owner, specialty insurance will cover their injuries.
If a classic car breaks down or there is an issue transporting it back, the owner can utilize the roadside assistance portion of their policies to pay for the vehicle to be towed. These vehicles can only be driven a certain number of miles each year. An emergency tow can prevent unnecessary miles from being added to the vehicle. If the classic car experiences mechanical failure, the emergency tow will ensure that the owner can get the vehicle transported to a repair shop.
An auto insurance agency is a good resource to use to learn more about insurance for classic vehicles. They can ensure that potential policyholders understand how their policies work and what is covered.