Hello! I'm Dan Lyles with Lyles Insurance. This video is about comparing classic car insurance costs and coverage versus a regular auto insurance policy.
Most of you will have two options as far as getting insurance on your classic or antique car. Number one, you can simply insure it on your regular auto insurance policy, just like you do your everyday use vehicles. Or you can go with option number two, which is to put insurance on it from a stand-alone classic car insurance policy. And believe me, number two is the much better option. And in this video, I'm going to explain why.
So let's start with coverage comparisons. There's five major reasons why classic car insurance beats a regular auto insurance policy. Number one, a classic car insurance policy pays claims on an agreed value coverage basis. Meaning you know upfront if you total your vehicle exactly how much you would be getting, because it’s stated right on the policy. A regular auto insurance policy only pays market value, which is known as actual cash value. That's not nearly as good, and you can get undercut that way. Number two, zero deductibles. Deductibles of course are your out-of-pocket expense. A classic car insurance policy is always going to offer zero deductibles, where auto insurance companies rarely do. And if they do, they charge a lot more for them. Number three is one liability charge. This only applies to people who have more than one classic vehicle. However, if that applies to you, that's a big money saver by not charging you liability charge for every vehicle on your policy like a regular auto insurance policy would. And number four, classic car insurance companies use claims adjusters who specialize in classic vehicles. A regular auto insurance company does not have that kind of expertise regarding classic cars. And finally, number five, you have a lot more flexibility choosing body shops with a classic car insurance policy.
As far as qualifying for classic car insurance, it's very easy. There are only three things. Number one, your vehicle must be at least 25 years old (unless it's an exotic vehicle). Number two, it can't be a regular use vehicle. They understand you're going to drive these vehicles on occasion for things such as car shows, parades, occasional joy rides, things like that. But they don't want to see your vehicle used every day. And number three, you can't have any serious violations on your driving record. Minor tickets are okay. But they don't want to see things such as DUI’s or reckless Op’s on your record.
Now, let's compare premiums between the two types of policies. And here's the good news as far as classic car insurance is concerned: Is that the premium is about the same if not less than regular auto insurance, even though the coverage is a lot better. They know you're going to be driving these vehicles less often. And less use equals less risk equals less premium. So it kind of offsets the increase of having the better and higher levels of coverage.
I hope you've learned something from watching this video as far as classic car insurance. If you would like some more information, I've posted a link to my classic car insurance web page. And also, for those of you who live in Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia: If you would like me to run you a classic car insurance quote, I've also provided a link to a quote page. Fill that out, I'll find you the lowest rate I can for a good classic car insurance policy, and get back with you with prices. Or if you have any questions, I've also posted my phone number. Give me a call. I'll be happy to answer any questions you have. Thanks! And have a great day!
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..