At Elliott & Associates Insurance, we see a lot of vintage and antique vehicles. Many people in the Opelika, AL area come to us wanting to know whether they should purchase classic car insurance or standard auto insurance. This blog explains the key differences between classic car insurance and standard auto insurance.
Classic car insurance covers classic, vintage, and antique vehicles. A classic car might only have come off the line ten years ago, but could qualify because of limited production or some other collectible nature of the vehicle. This means you might still want to drive it as an everyday car. Standard insurance lets you do that. Classic car insurance does not. You have to agree to garage your car under a classic policy.
A classic policy also limits the number of miles you can drive. Typically, you’re allowed about 1,000 miles of driving. You can putter along in parades or park it at an auto show, but commuting in your classic would be a no-no.
What makes a classic policy superior to a standard policy is the replacement value payout. You can obtain a policy that pays the actual replacement value of your vehicle, not the fair market value. That means that you could go to an auction or vintage car lot and buy a new vehicle that’s the same year, make, and model as the one you lost in an accident.
These policies also cover all of your parts and labor to repair the damage. Some agents will even help you find vintage replacement parts.
Despite the driving limits, a classic car policy lets you protect your investment better. Contact Elliott & Associates Insurance serving Opelika, AL for more information on classic car insurance.