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October 31, 2024
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Specialty Auto Insurance for Collector and Classic Cars

Owning a collector or classic car is more than just a hobby; it’s a passion and a significant investment. These vehicles often hold sentimental value and can appreciate over time, making them unique assets that require specialized insurance solutions. Unlike standard auto insurance, specialty insurance for collector and classic cars, often known as classic car insurance, can be tailored to meet the distinct needs of these prized possessions.

Agreed-value Coverage focus photography of vehicle steering wheel

One of the key features of specialty classic car insurance is agreed-value coverage. This means that the insurer and the car owner agree on the car’s value at the time the policy is written. In the event of a total loss, the owner can receive the full agreed-upon amount without depreciation. This is crucial for collector cars, which can have fluctuating market values.

Flexible Usage Terms

While some policies may have mileage restrictions, they typically allow for occasional pleasure driving, car shows and exhibitions. This flexibility ensures that owners can enjoy their vehicles without compromising coverage.

Restoration Coverage

Collector and classic cars often undergo restoration, which can be a costly and time-consuming process. Specialty insurance can include coverage for restoration projects, ensuring that any damage during the restoration process is covered. This type of coverage can also extend to spare parts and tools specific to the vehicle.

Additional Benefits

Many specialty insurance policies offer additional benefits, such as roadside assistance tailored for classic cars and coverage for specialized or original manufacturer parts and components. These added perks can provide peace of mind for owners who invest significant time and resources into their vehicles.

We’re Here to Help

Contact Five County Insurance Agency in Fort Myers, FL, today to learn more about specialty auto insurance options or to get a free quote.

 

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information. 

Categories: Classic Car

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