Classic Car Insurance – What You Need to Know
Whether you have a 1951 Ford Pick-up Truck or a 1957 Corvette, you want to make sure your classic car is properly insured for the best price. Classic car insurance is a boutique type insurance that focuses on the unique features of classic cars. Individuals who collect classic cars are passionate about their hobby. We are able to protect their investments in a custom way. Classic car insurance is different from standard car insurance in the following ways:
- Classic cars are not covered for daily commuting, just leisurely rides. The premium is considerably less than a standard auto policy.
- Classic cars have a higher theft rate. The older parts can be sold for a premium in the open market, so coverage takes this in to consideration.
- Classic cars are insured at an agreed value rather than actual cash value for standard cars. Agreed value is a value that you and the insurance company agree on as the value of the classic car. In an accident the company guarantees the policy will pay the full insured amount without depreciation in cases of a covered total loss.
- You must have a standard auto policy in order to get a classic car policy.
- Driving mileage is restricted on a classic car policy.
- Clean driving records are required for classic car coverage.
At Mancuso-Nowak we provide insurance through Hagerty Classic Car Insurance Program. Their online system allows the insured to view coverages and options to choose from and the agency will tailor a policy for you. Please contact us with any questions on your classic car insurance www.mancuso-nowak.com.