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What Is Classic Car Insurance? What Owners Should Know

Classic car insurance is a specialized policy specifically covering classic and collector cars. In addition to vehicles declared as classics, these policies can often insure vintage motorcycles, street rods, old military vehicles, and exotic cars. Here are some things owners should know when purchasing classic auto insurance.

What Classic Car Insurance Policies Cover

Here are things usually covered by standard classic car policies.

  • Physical Damage To Your Auto: Policies cover theft, comprehensive, and collision coverage. However, rather than facing depreciation, you’ll receive what’s known as an agreed-upon insured value minus the deductible.
  • Injuries & Damage Caused to Others: Classic auto insurance provides at least the state’s required minimum liability coverage.
  • Roadside Assistance: While optional, classic car insurance programs and soft strap flatbed towing cover the standards.

What is the Agreed Value for Classic Car Insurance?

The agreed-upon value is an amount that you and your insurer decide your car is worth prior to the issuance of the policy. The vehicle will be evaluated, and if you’ve made modifications, restorations, or customizations, be sure to tell your agent. This allows them to factor those into the value. You can also bring in an estimated value from a pro to show your insurer.

Some Special Circumstances to Consider

If you drive the vehicle for everyday purposes, you’ll need a standard policy, as there are often mileage restrictions on classic car policies. There may also be specific storage requirements, so your insurer is likely to inquire whether you store the vehicle in a driveway, covered shelter, or an enclosed structure like a storage unit or lockable garage.

Contact Us To Learn More About Classic Car Insurance

Our Oak Ridge, NC, representatives can assist you with finding the right policy for your vintage or classic car. Contact Oak Ridge Insurance Services to get a no-obligation quote today.

What Classic Car Insurance Misconceptions Should You Avoid?

You can’t rely on regular auto insurance to fully cover your classic car. However, you don’t need deep pockets for adequate coverage. If you think you can’t get insurance for your classic car, think again. Oak Ridge Insurance Services has the answers you need to debunk these myths about your restored antique vehicle.

Classic Car Insurance Misconceptions 

Classic Car Insurance Is Not Affordable (Not True)

Getting into an accident can set you back thousands of dollars without the right classic car insurance. Don’t let your hard work go to waste. Instead, protect your investment with coverage that meets your specific needs. One of our helpful agents can walk you through the different insurance options available and within your budget.

You Can’t Qualify for Classic Car Insurance (Probably Wrong)

Insurance companies that offer classic car insurance understand that you have an older vehicle. Different rules apply to your rebuilt sports car or vintage Mustang. Therefore, these policies are built and priced to meet the needs of classic car enthusiasts.

It’s Similar to Regular Auto Insurance

Your regular insurance policy won’t cover your classic car. So, you need a policy geared for a well-maintained, show-ready vehicle that happens to have many years under its tires.  Under typical car insurance, you can drive your vehicle regularly without affecting your coverage. In fact, it’s designed for frequent usage. However, classic car insurance comes with mileage and other restrictions. Our agents can walk you through the differences between regular and classic car insurance in Oak Ridge, NC.

It’s for Rich People

Unless you’re independently wealthy, chances are you made some sacrifices to buy and maintain your classic car. You don’t have to be rich to afford protection for your vintage vehicle. Speak to your insurance representative about cost-effective ways to protect your vehicle.

Give Us A Call

Contact Oak Ridge Insurance Services to discuss your auto and classic car insurance needs in Oak Ridge, NC.

Why You May Need Classic Car Insurance

If you have a classic car, you need to have it covered with the best insurance policy possible. Classic cars often represent a significant investment, and your classic car insurance has to take that into account. For a classic car, it isn’t enough to have a regular auto policy. You specifically need a classic car policy. If you don’t have the insurance policy that you need, give us a call at Oak Ridge Insurance Services in Oak Ridge, NC.

Classic Car Policies

If you have a standard auto insurance policy on your classic car, it isn’t likely to pay out what the car is actually worth if a problem happens to it. When you get a regular auto policy, the coverage is based on the age of the car, its condition, and how many miles it has. When you go by these criteria, it may not reflect what the car is actually worth as a classic that is sought after. You need a policy that will take into account the popularity of the car and how much people are really willing to pay for it. Aspects of the car like its mileage may factor into its value, but many other factors are important when the car is a classic. This can mean its place in popular culture or the scarcity of that model of car. When you have a classic car insurance policy, all of these factors are considered, and the policy is written for the specific car rather than being a generic value. 

Stay Insured

The amount of coverage is so important because you may be in an accident that damages or destroys the car. This would be extremely expensive for you if you didn’t have this important coverage. You need to stay covered with a classic car policy so that your investment in your car is protected. 

Get Classic Car Insurance

To get your coverage, call us at Oak Ridge Insurance Services in Oak Ridge, NC.

Is my old car eligible for classic car insurance?

Those interested in obtaining classic car insurance should first understand that simply having an older car doesn’t necessarily make your car eligible for this type of insurance. There are other requirements. Although the requirements can vary from company to company, there are some requirements that tend to be universal when it comes to classic car insurance. Our team at Oak Ridge Insurance Services is committed to educating our Oak Ridge, NC customers on the requirements of classic car insurance. 

What is Classic Car Insurance?

First of all, your car must be restored to or kept in good condition to qualify as a classic car. Classic cars are usually anywhere from 15 to 20 years old, but less than 40 years old. As a general rule of thumb, classic cars are usually at least twenty years old. Most classic car insurance policies will insure a car that’s not a daily driver and is driven 5,000 miles or less a year.  The original design and specifications should also be kept.  However, as stated above, the requirements may vary from company to company. That is why it’s a good idea to shop around.

How Does Classic Car Insurance Work?

Classic car insurance operates on the premise that both the car owner and the insurance company agree on the value of the car. Your classic car is appraised and an agreed-upon value is assessed. This differs from conventional car insurance. Classic car insurance also provides services tailored to the needs of older/classic cars. Your insurance company may provide expert exotic/classic car repair as well as coverage for displaying your classic car at car shows. If you have questions about classic car insurance, the requirements, and what’s covered, give us a call. Our team at Oak Ridge Insurance Services is standing by. 

Should You Buy Classic Car Insurance for an Older and Rougher Model?

Many classic car collectors keep their vehicles looking perfect for ensuring that their value remains high. But what if your car was just declared a classic, and it is in rough condition? Do you need an insurance policy? We at Oak Ridge Insurance Services, serving Oak Ridge, NC, think that you do. And here is why we suggest getting a policy. 

Why Classic Car Insurance is Wise 

Classic car insurance for an old and rough vehicle is a wise decision for many reasons. Just a few things it will do includes how it:

  • Helps Pay for Upgrades – Some insurance policies may help pay for upgrades to your classic car to enhance its value.
  • Ensures Your Car is Protected – Classic cars need specialized insurance options to protect them from long-term damage issues common to these vehicles.
  • Minimizes Your Cost Angle – Cut down on the amount of money you have to pay for your car and keep it looking great. 

Even if you don’t plan to get into a long-term classic car collection, protecting the one car you own is a wise choice. For example, it can ensure that your vehicle is strong, secure, and more than worth the money they want to spend if someone comes looking to purchase it from you.

We Can Help You 

As you can see, insuring even a rough car is a wise decision that will cut back on many of your expenses in a powerful way. So, if you’re interested in getting classic car insurance and want to make sure that it is as high-quality as possible, contact us at Oak Ridge Insurance Services to learn more. We serve the Oak Ridge, NC, area and will do what we can to help your car stay solid and secure.

Why should I invest in a classic car insurance policy?

In the Oak Ridge, NC area, it is very common for car lovers to want to one day own a classic car. If you are going to invest in a prized possession such as a classic car, you will want to know that you always have proper insurance for it. There are few reasons why getting a classic car policy can be a great option for you. 

Insurance Can be Curtailed to Meet Needs

One of the advantages of a classic car insurance plan is that your coverage limits are customizable and can be curtailed to meet your needs. A classic car is an important asset that you will want to cover with insurance as well as possible. When you get a classic car insurance plan, you can work with the insurance company to get the level of coverage needed to protect your asset properly.

Insurance Can Keep You in Compliance with Law

Another reason you will want to get classic car insurance is to keep you in compliance with the law. Anyone who will invest in driving any car in this state needs to have liability coverage. When you own a classic car, your actual risk will be low as you will likely drive sparingly. A classic car plan will consider this risk when it comes to coverage costs. 

Anyone who would like to get a classic car insurance plan in Oak Ridge, NC should speak with the Oak Ridge Insurance Services team. Picking the right insurance plan can seem complicated. Fortunately, when you call Oak Ridge Insurance Services, you will get the support that you need to choose an ideal policy and stay properly protected. 

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