Ohio has many auto insurance companies that don't insure classic / antique vehicles properly. It is very important that you get the right kind of coverage you need on your classic car or antique car. While finding coverages for these vehicles are easy, there is a big difference in what is covered from one classic car insurance policy to the next.
This article is going to show you what you need to know, and what to look for in finding the best policy. You need to be able to identify a good classic car insurance policy from a lousy one. And what will surprise you is that you'll probably end up paying the same or even less than you would with a policy that has lousy coverage!
First step: Understanding the difference between a classic car insurance policy versus insuring a classic car on your regular auto insurance policy.
This is where I see most people go wrong. If your vehicle qualifies for classic car insurance coverage, an exclusive classic car insurance policy is far better coverage than insuring your classic car on your regular auto insurance policy.
There are several key reasons why an Exclusive Classic Car policy beats a regular car insurance policy:
1. Agreed value coverage versus actual cash value coverage - With an exclusive classic car insurance policy, you can insure your vehicle on an agreed value basis. When insuring your classic car on your regular insurance policy, agreed value coverage is almost never offered.
If you were to wreck and total your classic car, you would then realize that there's a huge difference between the two. With agreed value coverage, you would know exactly how much your classic car insurance company will pay out if you were to total your vehicle. If you only have your classic car insured on a regular auto insurance policy, you're likely going to get much less than that. Regular auto insurance companies use the actual cash value basis for valuing vehicles. This basically means the market value of your vehicle. As you're well aware, classic cars can be some of the most difficult vehicles to determine market value. In many cases a lot of classic car owners have been screwed this way
2. Zero deductible - You will find very few companies on a regular auto insurance policy that offers a zero deductible. And if they do, it is going to be very pricey because it classifies your classic car as if you're using it every day. Any good classic car insurance company will offer a zero deductible at very little extra cost, to where it's worth it for having a zero deductible.
3. Better claims adjusters - If you insure your classic car on a regular auto insurance policy, you will deal with a regular auto insurance claims adjuster if you have an accident. While many claims adjusters do a great job, very few of them have any of the training or expertise in handling classic/antique cars. These claims adjusters only deal with market value and treat all vehicles the same. That can make a huge difference in how a damage claim is estimated.
4. More flexibility in choosing body shops - Classic car insurance companies understand that your vehicle requires more care when it comes to repairing damage. An exclusive classic car insurance policy will be much more flexible than a regular auto insurance policy in selecting the body shop that handles the claim.
5. Coverage for additional parts and accessories - A regular auto insurance policy does not offer all the additional coverage that a classic car insurance policy offers.
6. One liabilty charge - This only applies to those who own more than one classic vehicle.... If you happen to own multiple classic or antique cars, you will have to pay liability coverage on every vehicle under a regular auto insurance policy. With an exclusive classic car insurance policy only one liability charge is assessed to all of your vehicles.
Qualifications. The qualifications required to insure a classic car on an exclusive classic car insurance policy are very simple:
• Vehicle needs to be at least 25 years old. There are exceptions made on some types of exotic models. But for most classic cars, 25 years is the standard.
• Vehicle can NOT be an every day use vehicle. Classic car insurance companies will require you to provide proof of regular auto insurance that shows you have other vehicles insured as your regular every day vehicle for every driver in your household. For 90% of classic cars owners, this isn't a problem. But if you drive your classic car on a regular basis, you will be stuck with insuring the vehicle on a regular auto insurance policy.
Premium difference between an exclusive classic car policy and a regular car insurance policy.
• Although an exclusive classic car insurance policy values your vehicle more than what a regular auto insurance policy does, the difference in use usually more than offsets the premium to where a classic car insurance policy costs less than a regular auto policy.
• A regular auto insurance policy assumes that you are using your classic car on a daily basis. A classic car insurance policy assumes you're only using your classic car on an occasional basis. Thus the lower risk of an accident, and less premium.
Finding the right Classic Car Insurance company.
Armed with knowing the key points above, you now know what you need to distuingish between a good classic car auto insurance policy and a lousy one. Now it's just a matter of finding agents that sell the best classic car policies.
Need Help getting an Ohio Classic Car Insurance quote?
I would be more than happy to help. I carry three leading companies in the classic car insurance industry, all of which satisfy the key points above:
• American Collector's Insurance
• T.C. Taylor
Fill out one short quote form, and I will quote you with all three companies, and find you the lowest rate. And as always, I handle all quotes personally and privately.
Get a Classic Auto Insurance Quote with Lyles Insurance
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..