3 Reasons To Properly Insure Your Classic Vehicle

Your classic car, truck, motorcycle, or boat are usually treasured items that you would have a hard time replacing. Now imagine, your insurance company is only wanting to pay you for what THEY think your classic vehicle is worth. This happens to many classic vehicle owners, as they do not realize their classic would be better covered on a policy separate from their regular vehicle insurance.

Here are the 3 reasons you want to properly insurance your classic vehicle:

   1.Your normal auto insurance policy only offers coverage on an actual cash value basis.

The standard auto insurance policy that we all have for our daily drivers is on an actual cash value basis (ACV) – Actual Cash Value = The price of the vehicle less depreciation

The insurance companies that specialize in classic’s, primarily, offer agreed value. Agreed Value means that the policy holder and the insurance company agree to insure the vehicle for an exact amount and that is what the vehicle is insured for on the policy.

   2. Classic Vehicle Insurance Companies KNOW Classic Vehicles

Your standard auto insurance company handles claims all day for Old Honda’s-New F150’s. Vehicles that depreciate, not appreciate. They generally don’t know classic’s or collector vehicles, as that is not what they specialize in.

Insurance companies that specialize in classic vehicles, KNOW classic’s. They generally, only handle claims for classics and collector vehicles. There’s no guess work at the time of a claim, as you determined the value of the vehicle up front.

   3. Its CHEAPER!

Most of the time it’s less expensive to have your classic insured on a classic vehicle policy anyways! These specialty insurance companies know that the owners drive these vehicles less and are much more cautious with their prized classic.

Hard to beat better coverage and less insurance premiums!

If you aren’t sure of the value of your classic vehicle look it up with Hagerty’s Valuation Tool. You can even plug in your old VIN# and they will populate the info! (If its stock…)

Author: Colbie McRae

In February of 2015, I started insureCAL Insurance Agency from scratch. Now in our 2nd year, we will have 5 licensed agents and an awesome partnership with a number of great insurance carriers. insureCAL’s main focus is the agriculture industry, it’s what all of us grew up knowing and loving.

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