Classic car insurance can seem like a mystery to many, but Trueway Insurance in Palm Springs knows it could be the only thing protecting your classic car from damage. Classic car coverage is made to protect your classic vehicle in much the same way that standard insurance would cover a regular car. However, there are several differences that make classic car insurance quotes ideal for classic cars.
What is Classic Car Insurance?
Classic car insurance has one major difference from regular auto insurance. This is that, with classic car insurance, you get a guaranteed value that your car is insured for. That is, say that you were to get into a car accident with a regular car. Your insurance company would only pay out the amount of the car minus depreciation. That means that if your car is several years old, you would get a smaller sum for it than what you actually paid when you bought it.
On the other hand, classic car insurance pays out a different sum. Typically, this is an amount that is agreed upon by you and the insurance company. This sum is going to be the amount that the car is actually worth and does not include depreciation. This is because many classic cars actually increase in worth rather than decrease.
Classic cars are defined by many insurance companies as being from 19 to 24 years old. They must also be restored and in good working condition. Additionally, they must have greater-than-average value of other cars of the same model year and make.
What Does It Cover?
Many classic car insurance policies work much the same way that regular insurance policies do. They cover things like liability, collision, comprehensive, medical payments, and uninsured or underinsured motorists. However, unlike regular car insurance, there are some options that are available to classic car owners that are not available to regular car owners. One of these is auto show reimbursement, which covers injury sustained while your car is on exhibit. Another is no attendance required which protects your car while you are away from it if it is on display at an auto show.
Is My Car Eligible?
Eligibility restricts car owners from using the car as their primary vehicle. They must also make sure that they do not exceed a certain number of miles per year which can vary by state. For many policyholders, they are only allowed to use the vehicle as a hobby or to participate in a show or exhibition. Many insurers will refuse to cover the car if you use it as a regular car and they will deny claims wherein the car was used to drive to work, shops, or other places.
Certain companies may have restrictions about the conditions that you keep your car in. For instance, many of them won’t cover you unless you have a garage or other enclosed space to keep your car in. Additionally, most of them won’t cover you if you do not own another vehicle that you use primarily.
Searching for Car Insurance Quotes? Contact Us
Trueway Insurance is a car insurance company located in Palm Springs. If you are looking for car insurance quotes, feel free to contact us to learn more about how we could help you.
