Classic Car Insurance

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.