There are many different types of vehicles on the road that need different types of insurance. Cars you drive routinely need auto insurance, trucks require trucking insurance, company or commercial vehicles need commercial auto insurance, and classic cars need classic car insurance. Prestige Insurance Group, serving the greater Miami, FL community, is here to help you understand classic car insurance and how it differs from auto insurance.
What is classic car insurance?
Classic car insurance is a type of insurance for cars that someone would define as classic or antique. These cars are worth a lot of money but are not the type of car for everyday use.
Classic car insurance includes different types of coverage similar to auto insurance. These include comprehensive and collision coverage, liability coverage, and property damage. Most insurance companies have requirements you must meet to qualify for classic car insurance. Some of the requirements include the following:
- The car must be at least 25 to 30 years old
- You cannot use it as an everyday vehicle
- You preferably need to store your car in a safe, covered location
- The driver must have a regular car with auto insurance coverage
What makes classic car insurance different from auto insurance?
Although classic car insurance has similar coverage options to auto insurance, there are some differences. Regular auto insurance takes into account depreciation, the age of the car, and mileage to determine how much the car is worth. With those factors, we would label a classic car as essentially worthless according to an auto policy. With a classic car policy, we use a different approach. We communicate with the car owner and use the value we agreed on.
Get Coverage For Your Classic Car Today
Contact us at Prestige Insurance Group in Miami, FL for more information about classic car insurance.
You could indeed get a standard auto insurance policy for your classic car. However, you will not have access to many of the benefits provided by a classic car insurance policy, such as reimbursement of the full value in the event of total loss.
A standard auto insurance policy does not take into consideration the special needs of a classic car owner in Miami, FL. Classic car insurance is specifically designed to cover situations unique to classic cars, such as restoration, exhibition, and more. At Prestige Insurance Group, we understand that special cars have special needs, we are here to provide you with the right coverage to protect your investment.
A standard car insurance policy typically includes bodily injury liability, collision insurance, comprehensive insurance, medical payments, property damage liability, and uninsured/uninsured motorist insurance. A classic car insurance policy will usually include all of these coverage types as well as additional coverage that is designed to meet the additional needs of classic vehicles, such as:
- Agreed value for collision and comprehensive coverage will reimburse you for the total value of the car at the time you purchased your classic car insurance policy in the event of a total loss
- Restoration coverage for cars still in the restoration stage that is not yet drivable
- Spare parts coverage for tools and accessories that you have stored away from the vehicle in the event of theft or damage
- Memorabilia contents coverage for additional valuable pieces such as dashboard accessories and antique license plates that are itemized on a contents list
- Auto show medical reimbursement should someone be injured at an event where you are showing your classic car
- No attendance required covers your car when it is on display when you are not with it
Learn more about the available types of classic car coverage available for collectors in Miami, FL when you call Prestige Insurance Group.
A classic car is more than just a vehicle. It’s an investment. Classic car insurance allows you to protect your car while also enjoying it. Whether you are a classic car show and rally enthusiast or just enjoy taking your classic car out for a Sunday drive, it’s important to protect your investment. At Prestige Insurance Group, we are proud to serve the greater Miami, FL area’s insurance needs and are happy to offer a range of classic car coverage options.
Don’t leave your classic car’s protection to chance!
When you stop and think how much care and attention you shower upon your classic automobile, it only makes sense to insure it properly. Because they aren’t like regular vehicles, it is imperative to select a carefully designed policy to cover your classic cars and trucks.
With an appropriate policy, you will know that your investment is protected no matter how often you drive it, where it is stored, and the number of miles that it has been driven. It makes sense to opt for a policy that gives you the coverage levels and types that make the most sense for your unique situation. Don’t be left with incomplete coverage!
Working with an agent who understands the intricacies of classic vehicles is a must when you have a vehicle that is also an investment. Remember this when it comes time to insure your classic car.
Contact the Prestige Insurance Group Today
If you are in the Miami, FL area and have a classic car (or several!), rely on us to help you find the policy that provides what you need. Protecting your investment is an important part of classic car ownership. Call our office today to schedule a consultation to learn more.