What Does Classic Car Insurance Cover?

What Does Classic Car Insurance Cover In South Carolina?

Classic car insurance is an important to protect your classic or antique vehicle, here is some information about your classic car insurance policy. Insurance companies may differ in how their policies cover various aspects of your classic car so make sure to ask your agent if you have any questions.

Classic car insurance is specifically designed to provide coverage for vintage, collectible, or classic automobiles. While coverage may vary depending on the insurance provider and policy, here are some common elements that classic car insurance typically covers:

Agreed Value Coverage: Classic car insurance often provides agreed value coverage, which means that you and the insurance provider agree on the value of the vehicle. In the event of a total loss, you will be compensated for the agreed-upon value rather than the actual cash value (ACV) of the vehicle, which can be lower.
Comprehensive and Collision Coverage: Classic car insurance usually includes comprehensive and collision coverage to protect against damage resulting from accidents, theft, vandalism, fire, or other covered perils. This coverage helps pay for repairs or the replacement of your classic car.
Liability Coverage: Classic car insurance typically includes liability coverage, which protects you if you cause injury or property damage to others while operating your classic car. It helps cover legal expenses, medical costs, and property damage claims.
Spare Parts and Customization: Some classic car insurance policies may provide coverage for spare parts or customization work, ensuring that any valuable additions or modifications to the vehicle are protected.
Limited Use and Mileage: Classic car insurance often takes into account that these vehicles are typically driven less frequently and for limited purposes, such as exhibitions, parades, or car shows. The policy may offer coverage based on an agreed mileage limit or restricted usage.
Salvage Retention: In the event of a total loss, classic car insurance may allow you to retain salvage rights to the vehicle. This means you can keep the damaged vehicle instead of it being taken by the insurance company.

It's important to note that specific coverage details and terms can vary between insurance providers and policies. Therefore, it's crucial to carefully review and understand the terms of your classic car insurance policy to ensure it meets your specific needs and adequately covers your classic vehicle.

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Classic Car Insurance Discounts In South Carolina

Classic car insurance has some great discounts available to help lower the price of your classic or antique insurance policy. Insurance companies may differ in how they handle these discounts so make sure to ask your agent if you have any questions.

Classic Car Insurance Discounts

Multiple Vehicles

Several companies offer discounts for insuring more than one car, whether it’s multiple classic vehicles or your collector car plus your everyday ride. Some have special discounts for enthusiasts with large collections.

Bundled Policies

You may get a discount if you bundle your classic car policy with other types of coverage, like homeowners insurance or life insurance.

Fewer miles

While unlimited mileage may sound great if you don't drive your car that often you may be able to get a better rate.

Higher deductible

Although several companies will let you choose a zero-deductible policy, a higher deductible means a lower premium.

Anti-theft devices

Several companies give price breaks for anti-theft measures.

Car club membership

If you’re part of an approved car club, you may get a discount through your club.

Safe driving course

Taking a defensive driving course can save you 5-10%.

Winter storage

If you drive your collector car only in the summer, some companies offer a credit for winter months or let you reduce your coverage while the car is in storage.

Changing Insurance Companies

Some companies offer a discount for switching from a competitor.

Things that may effect you classic car insurance rate:

Other Policies
Usage
Driving Record
Coverage Limits
Deductable

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Classic Car Insurance

Find The Best Rates For Your Classic And Antique Car Insurance Needs In South Carolina

What Is Classic Car Insurance?

Classic car insurance is different from normal auto insurance in that it often will cover the car at an agreed or guaranteed valued. Your normal auto insurance only covers actual cash value, that is the amount your car is currently worth. If you bought a brand new car 3 years ago for $25,000, it could be worth 20-40% less than that. If it is currently only worth $18,000, that's how much your insurance company will pay out. But if your classic car is valued at $50,000, classic car coverage would cover the full value of the vehicle with no decrease in coverage due to depreciation. But of course as the car gets older and as you continue to care and maintain it, the car's value will increase.

Classic Cars are unique and require a special type of insurance to properly cover them. While no insurance can bring back your treasured classic car, it can protect you from total finical loss if the car is damaged, destroyed or stolen.

Insurance Shopping Expert Tip: "In our experience show cars vs week end warrior classic cars need different coverage options and we have the perfect classic car packages for both."

What Do I Need To Know About Classic Car Insurance In South Carolina?

While most classic car insurance policies are similar, there are slight variations and terms you need to understand to get the best policy for your vehicle.

Classic Car Insurance

Most companies define this as cars between 19-24 years old. Car restored, in good working condition and worth more than the average value of others from the same year, make or model.

Antique Car Insurance

Some companies define this as vehicles over 25 years old and in good working order or original restored condition.

Limited Use

Some policies will limit the number of miles that can be put on a car to be covered. Most antiques should be used very seldom to maintain coverage.

Storage

Some policies may require the vehicle to be stored in an enclosed building.

Why Do You Need Classic Car Insurance?

Owning a classic car can be a great source of enjoyment and excitement. But it requires a different level and kind of care. With a normal vehicle, the value of the car is understood to depreciate as the car ages and is used even if the owner takes care of it. Classic cars' values only rise as they age, as long as they are cared for and maintained. Normal car insurance will also only pay up to the actual cash value of the car at the time it was damaged or totaled. A classic car insurance policy will ensure the car's value at agreed guaranteed replacement value. The amount of money you would receive if the car is lost or stolen won't go down as the car ages. Another big reason you need classic car insurance instead of traditional car insurance is premiums are often far lower for classic car policies. Insurance companies understand that classic cars are used differently, they aren't used to go pick up the kids from school and practice or used to make grocery runs. They are also cared for as a labor of love by their owners. Owners invest much time and money into the upkeep of their prized possession and the lower premiums reflect all of this.

Are All Car Insurance Companies The Same?

No, all car insurance companies are not the same. Each car insurance company has its own unique policies, pricing structure, customer service quality, coverage options, and benefits.

Insurance companies differ in their underwriting policies, which determine the risk they are willing to take and the premiums they charge. Some companies may be more lenient in their underwriting policies, while others may have strict requirements for accepting clients. Insurance companies also differ in the types of coverage options they offer, as well as the limits of coverage available for each policy.

In addition, car insurance companies may have different discounts and perks, such as safe driving discounts, bundling discounts, and roadside assistance programs. Some companies may also have mobile apps or online portals that make it easier for policyholders to manage their policies, file claims, or receive customer support.

Therefore, it is important for consumers to research and compare different car insurance companies to find the one that best suits their needs, budget, and preferences.

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Car Insurance Discounts

South Carolina Car Insurance Discounts

Not all car insurance companies are the same. Each car insurance company has its own unique policies, pricing structure, customer service quality, coverage options, and discounts. Here is a list of the common car insurance discounts found in South Carolina

Bundled Discount: This discount is offered to customers who buy multiple insurance products from the same insurance company. For example, a customer who buys both auto and home insurance from the same company may be eligible for a bundled discount.
Homeowner Discount: This discount is offered to homeowners who have homeowners insurance with the same insurance company that provides their auto insurance.
Multi-Car Discount: This discount is offered to customers who insure multiple vehicles with the same insurance company. Insuring multiple cars on the same policy can result in a lower premium than insuring each car separately.
Customer Loyalty Discount: This discount is offered to customers who have been with the same insurance company for a certain period of time, typically three to five years. It rewards customer loyalty and may result in a lower premium.
Military Service Discount: This discount is offered to active-duty military personnel and veterans. It recognizes their service and sacrifice and may result in a lower premium.
Clean Driving Record Discount: This discount is offered to drivers who have a clean driving record with no accidents or traffic violations within a specified period, typically the past three to five years.
Safe Driver Discount: This discount is offered to drivers who demonstrate safe driving habits, such as avoiding accidents and driving within the speed limit.
Defensive Driving Course Discount: This discount is offered to drivers who complete an approved defensive driving course. The course teaches drivers how to avoid accidents and may result in a lower premium.
Driver Training Discount: This discount is offered to young drivers who complete a driver training course. The course teaches safe driving habits and may result in a lower premium.
Good Student Discount: This discount is offered to students who maintain good grades, typically a B average or higher. It recognizes responsible behavior and may result in a lower premium.
Senior Citizen Discount: This discount is offered to older drivers who meet certain age requirements, typically 55 or older. It recognizes their driving experience and may result in a lower premium.
Low Usage Discount: This discount is offered to drivers who don't drive much, typically fewer than a specified number of miles per year. It recognizes that drivers who drive less are less likely to get into accidents.
Auto-Pay Discount: This discount is offered to customers who set up automatic payments for their insurance premiums. It helps ensure timely payments and may result in a lower premium.
Paid in Full Discount: This discount is offered to customers who pay their insurance premiums in full, rather than in installments. It helps reduce administrative costs and may result in a lower premium.
Advance Renewal Discount: This discount is offered to customers who renew their policies in advance of the expiration date. It helps ensure timely renewals and may result in a lower premium.
Anti-Theft Devices Discount: This discount is offered to customers who install anti-theft devices in their vehicles, such as alarms or GPS tracking systems. It reduces the risk of theft and may result in a lower premium.
Green/Hybrid Technology Discount: This discount is offered to customers who drive vehicles with environmentally friendly features, such as hybrid or electric vehicles. It recognizes the reduced environmental impact and may result in a lower premium.
App Tracking Discount: The insurance company will give a discount for allowing them to track your driving habits. They then reward you with a discount for safe driving.

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What Does Car Insurance Cover?

Not, all car insurance companies are not the same. Each car insurance company has its own unique policies, pricing structure, customer service quality, coverage options, and benefits. They all offer a wide variety of plans discounts to help you save on your car insurance policy. Here are some examples of what your car insurance policy covers in South Carolina.

What Does Car Insurance Cover?

There are many different levels of coverage available when purchasing car insurance, but the main areas insured under an average policy are your vehicle, liability, personal injury and uninsured or underinsured coverage.

Liability

In the event you are found responsible for a car accident, liability insurance would cover any damage or injuries you cause. Most states as a minimum required liability coverage. If you total someone’s car or are required to pay for their medical costs, liability insurance would cover that. Most policies offer liability coverage limits for bodily injury per person, bodily injury per accident and property damage per accident. The insurance company will cover expenses up to these limits but you are required to pay anything above those limits.

Personal Injury and Medical Expenses

If you require medical treatment as a result of a car accident, your insurance policy will help cover the costs. The medical expenses of you and your passengers will be covered. In the unfortunate event of a death, funeral costs may be covered. If you are unable to work after a car crash as a result of your injuries, car insurance can pay for lost wages.

Uninsured or underinsured motorist coverage

Although car insurance is required by law, some drivers ignore this and drive without insurance and there are a lot of drivers out there that have no insurance. If they cause an accident, there is likely no chance of you recovering any money from them, suing would be pointless. But with uninsured motorist coverage your car insurance policy will pay for your expenses.

Along with uninsured motorists, there are many who drive while not having enough liability coverage for all the damage they could cause. When an insurance company pays the maximum amount required by the policy, that’s it. Having underinsured motorist coverage protects you if your medical expenses or repair or replacement costs are more than that of the underinsured motorists’ policy limits.

Comprehensive and Collision Coverage

Comprehensive and collision coverage pays out to fix your car or replace it at its current value if it is totaled. There are no states that require collision coverage but if your car is financed or leased, the lender will most likely require it. If your car is damaged or totaled in a wreck, collision coverage would pay for the repairs or replacement. Comprehensive insurance covers your car if it is stolen or damaged in any way other than through a car accident. Things like storm damage, flooding, vandalism, and damage caused by hitting animals are covered under comprehensive car insurance.

Gap Insurance

If you just bought a new car, you are probably familiar with the idea that it loses value as soon as you drive it off the lot. With normal car insurance, if a drunk driver totaled you car a mile from the dealership, your insurance company would only be required to provide the value of the car as it was at the time of the accident and not the amount you just paid. Gap insurance is often required if you lease a car. Gap insurance also is important if you have a car loan and the amount the insurance company would pay out is less than what you still own on the loan.

What Does Car Insurance Not Cover?

Car insurance won’t pay you for car repairs due to normal wear and tire like tire changes, oil changes, a new battery or transmission replacements. It also won’t help to replace the items inside your car if they are stolen. If you lock your keys in your car, car insurance will not cover the cost to call a locksmith. If your car needs to be towed, aside from after an accident, car insurance won’t cover that cost either. Unless you have purchased a policy that specifically covers the cost of a rental car while your car is being repaired or replaced, you will have to cover that expense on your own.

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What Effects My Car Insurance Rate?

Not, all car insurance companies are not the same. Each car insurance company has its own unique policies, pricing structure, customer service quality, coverage options, and benefits. They all offer a wide variety of plans discounts to help you save on your car insurance policy. Here are some major items that effect your rate in South Carolina.

Age and Gender

It comes as no surprise that young men are some of the most expensive drivers to insure. Young men have more accidents and fatalities than their female counterparts. But fortunately as men get older and demonstrate a record of safe driving, their rates will decrease. Women usually get better rates than men and older drivers with a safe driving record get the best rates.

Marriage

Drivers that are married tend to have less accidents and claims than those that are single. So if you get married your rates could decrease depending on your previous driving history.

Location

As you have probably heard, most accidents occur near your home so as a result the location of your home will affect your rates. Things like accident rates and theft rates can raise your premiums. Also the price to fix your car can be more expensive in some areas. A big factor is the amount of uninsured drivers in your town or state.

Car Type

Some cars are more expensive than others and some have a higher trend of accidents. Others have great safety features that minimize chance of serious injury. Some cars are more likely to be stolen and some are more likely to break down due to age. All of these are important in determining the cost of your premium and there’s no good way to isolate any one factor. A newer car that looks great and goes fast is going to cost more to insure than a slightly older model that was built for safety and functionality.

Driving Record

Things like accidents, speeding tickets, traffic violations and DUIs will cause your rates to climb. Due to your history, the insurance company thinks your more likely to repeat your previous infractions and you are more expensive than someone who has never made a claim or had anything added to their record. If your driving history has too many blemishes, insurance companies may refuse to cover you at all.

Driving Activity

If you use your car daily as part of your business or put lots of miles on the odometer as part of your commute, the chances of you being in an accident increase and the chances of you filing a claim also increase. Insurance companies will often charge higher premiums to reflect this even if you’ve never been in an accident, are a safe driver and have never made any claims. The reverse of that is if you don’t use your car very often, insurance companies may offer discounts since the chance of you having something to your car is far less.

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Car Insurance Terms To Know In South Carolina

Common Terms Used With Car Insurance In South Carolina

Car insurance has some important terms you should familiarize yourself with to better understand your car insurance policy. Insurance companies may differ in how they handle theses terms so make sure to ask your agent if you have any questions.

Insurance terminology can be difficult. Let's go over some of the more common terms when is comes to car insurance in South Carolina.

Deductible
This is the initial amount you pay out-of-pocket before your coverage kicks in. In most cases, you'll need to pay your deductible up front, even if the claim wasn't your fault.

Premium
The total price you pay for your policy.

Bodily Injury Liability
This is the part of your insurance plan that covers you if you cause an accident that results in injury or the death of another driver. It covers legal expenses and any settlements or lost wages of other drivers. This is something you need to pay special attention to when choosing a policy as not all policies will offer the same amount of coverage.

Collision Coverage
This is what covers the cost of replacing or repairing your car if it is damaged by hitting another car or object like a deer. While it isn't required by law in most states, it's wise to have. Payouts are limited to the cash value of your car at the time of the accident.

Comprehensive Coverage
This is often also known as other than collision coverage. It's what covers your costs if something other than an accident damages your car like theft, broken windows or storm damage.

More Insurance Terms

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Car Insurance

Find The Best Rates For Your Car Insurance Needs In South Carolina

What Do I Need To Get A Car Insurance Quote In South Carolina?

It is best to have the following information to get an accurate car insurance quote in South Carolina:

Drivers License For All Drivers
Date of Birth For All Drivers
Year, Make and Model of Vehicles
VIN Numbers
Date of Purchase
Desired Coverage Limits
Information For All Drivers In The Household. If You Need To Exclude A Driver We Still Need Their Info.
Prior Insurance Limits

Insurance Shopping Expert Tip: "In our experience the more accurate information you provide the better chance we have to shop your car insurance rate and lock in a low rate."

What Is Car Insurance In South Carolina?

South Carolina requires drivers to have basic car insurance in order to legally drive a vehicle on their roadways. Car insurance protects you from financial ruin in the event of an accident or theft. Auto insurance provides coverage for property, liability and medical. You pay a car insurance premium to a company that sells you a policy and they in return promise to pay for any repairs, replacements, liability and medical costs as laid out by the policy. You can choose the level of coverage and limits covered by the policy in South Carolina to suit your needs.

Why Do You Need Car Insurance in South Carolina?

The primary reason you need car insurance is that South Carolina requires at least a minimum level of coverage in order to legally operate a vehicle on their roads. This is to protect you and other drivers by covering your liability in the event of a crash. Next to your home, you car is likely your next most expensive piece of property. Replacing a car immediately after a car out of pocket is impossible for most people. But with car insurance, you can pay a little each month up front so that if you are in an accident, you will be able to get your car repaired or a new car soon. That’s not even mentioning that you may be injured in a car crash and require expensive short-term care and even long term care like physical therapy. A car insurance policy would cover these added expenses and prevent you from facing financial ruin without insurance.

Driving around town can be scary at times with all the inattentive, reckless and inexperienced drivers you must share the road with. Car insurance gives you the peace of mind that if you ever become the victim of one of these awful drivers, you are covered. As we know, following traffic laws, paying close attention to the road and your surrounds as you drive and maintaining your vehicle are not enough to guarantee you will not be in an accident with someone who is distracted or careless. Driving is largely unpredictable, but a good car insurance policy protects you from all imaginable scenarios.

Category: <span>Car Insurance</span>

What Does Classic Car Insurance Cover In South Carolina?

More South Carolina Classic Car Insurance FAQ's:

Classic Car Insurance Discounts In South Carolina

Classic Car Insurance Discounts

More South Carolina Classic Car Insurance FAQ's:

Find The Best Rates For Your Classic And Antique Car Insurance Needs In South Carolina

What Is Classic Car Insurance?

What Are Some Things To Consider When Buying Classic Car Insurance in South Carolina?

Need Help With A Classic Car Insuranse Quote?

What Do I Need To Know About Classic Car Insurance In South Carolina?

Why Do You Need Classic Car Insurance?

More South Carolina Classic Car Insurance FAQ's:

Our Top Performing Car Insurance Partners:

Are All Car Insurance Companies The Same?

South Carolina Car Insurance Discounts

What Does Car Insurance Cover?

What Does Car Insurance Cover?

What Does Car Insurance Not Cover?

What Effects My Car Insurance Rate?

Common Terms Used With Car Insurance In South Carolina

Find The Best Rates For Your Car Insurance Needs In South Carolina

What Do I Need To Get A Car Insurance Quote In South Carolina?

What Are Some Things To Consider When Buying Car Insurance In South Carolina?

Need Help With A Car Insuranse Quote?

What Is Car Insurance In South Carolina?

Why Do You Need Car Insurance in South Carolina?

Our Top Performing Car Insurance Partners:

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