Insurance for classic and exotic cars differs from other insurance policies. It is likely that you do not treat your classic car the same as the vehicle you use for daily commutes. In turn, you shouldn’t insure it the same way either. You will want to select an insurance agent that has expertise in the nuances of classic, exotic or antique cars and offers coverage that is tailored to the needs of the collectible car owner. If you own or plan to own a show-worthy vehicle, you might learn a bit more about how insurance for classic cars works.
The Basics of Insurance for Classic and Exotic Cars
You may be happy to discover that coverage for classic/exotic cars often costs less than coverage for the automobile you drive daily. This is true even if you have had your collectible car appraised for a much higher value than your every day car. Insurance companies know that most collectors drive these vehicles less and tend to care for the classic or antique car better.
Naturally, auto insurance underwriters also consider basic factors such as your driving record, how you plan to use the vehicle, and the car’s value when they offer you a premium rate. Unlike most cars, classic cars tend to appreciate and not depreciate.
Underwriters may not be able to simply look up the value of your vehicle in a standard book and will look to professional resources for valuation.
In order to ensure that you have purchased adequate coverage, you may need to substantiate your value assessment with photos, third-party sources, or even with a professional appraisal.
At AAG Insurance we work with our classic/antique car customers to arrive at an “Agree Value”. In short, this process helps establish what we agree the value should be versus what a book value may indicate.
Classic, exotic and antique car policies provide the basic liability, comprehensive, and collision coverage of any standard auto policy. Beyond that, they may also offer additional protection for unattended displays at auto shows, spare parts and roadside assistance, and even medical coverage for people who are injured at the display of your vehicle. In this way, insurance for classic cars can combine typical auto insurance with classic-car auto club services and exhibition insurance. Selecting the right coverage for the way you intend to use and show your vehicle will protect the car, your wallet, and give you peace of mind.
When you work with the agents at AAG Insurance, you can be assured that you will receive expert guidance from people who value your classic car as much as you do. We can help you document the value your car, select the kinds of coverage that you need, and shop for the most competitive premiums from quality insurance companies. To get started, call (410) 569-5800 and tell us about your collectible car!