Covering Your Classic Car – Auto Insurance

Collecting, restoring and displaying classic automobiles can be a rewarding and enjoyable passion. However, owning, working on and driving these often older vehicles requires careful consideration of relevant risks and exposures. You’re likely familiar with the general importance of auto insurance, but when working on an antique, vintage or classic car, you’ll likely need specialized coverage. At GVL Insurance Company, we can help you secure appropriate insurance.

What Is Classic Car Insurance?

As its name suggests, classic car insurance is a type of auto insurance specifically tailored toward the needs of those who own such vehicles. These policies can typically feature expanded coverage options and personalized features tailored to your vehicle’s specifications and your personal needs. At the same time, you might also need to abide by certain restrictions and clauses within your policy, such as limited annual mileage and secure storage arrangements.

How Do Policies Compare With Standard Auto Coverage?

While classic car insurance policies can offer enhanced and customized coverage for your treasured automobile, they may also include many of the same components as standard policies, such as the following:

• Bodily injury liability coverage

• Property damage liability coverage

• Collision coverage

• Comprehensive coverage

• Medical payments coverage

• Uninsured/underinsured motorist coverage

What separates classic car insurance from standard policies is the availability of additional financial protections, including the following:

• Agreed value coverage—When purchasing your policy, you and your insurance carrier can settle on an agreed value for your classic car. This establishes how much you can be reimbursed should something happen to your vehicle, meaning depreciation will not be considered.

• Custom parts—If your classic car is involved in an accident or other incident, such as theft or vandalism, your policy might provide financial aid to restore it to its original condition. This might include paying for the services of specialty shops and original manufacturer parts, even if generic versions would cost less.

What Types of Cars Qualify for These Policies?

Classic car insurance companies may have varying requirements for coverage eligibility, but you can often expect the following to be considered:

• Age—In many cases, vehicles must be at least 25 years old to qualify for coverage.

• Usage—Insurers may restrict coverage eligibility based on how often you use your vehicle or its annual mileage.

• Storage—You might be required to keep your vehicle in secure locations, such as private garages.

Learn More

Contact GVL Insurance Company in Greenville, SC today to discuss your coverage options or get a free classic car insurance quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.