Finding the right classic car insurance insurance coverage at the right price can be tricky. But it is still very doable. There are 5 key points that you need to be aware of before you get a classic car insurance quote.
1. Attaching your classic car onto a regular auto insurance policy is a big mistake! Claims adjusters from regular auto insurance companies have little to no expertise regarding what it takes to repair a classic car. Having a claims adjuster who specializes in classic cars will cause a lot less headaches in the long run, if you happen to be in an accident.
2. Have you registered your classic car as a historical vehicle? In Michigan, having your classic car registered as a historical vehicle automatically saves you 80% on your MCCA fee. That is a huge savings of $140. After July 1, 2013, it will save you $148 (because the required MCCA fee goes up from $175 to $186 on that date). There are other criteria that apply for a vehicle to be eligible for a historical plate, but the main criteria is that the vehicle is at least 25 years old.
3. Don't be afraid to shop around. There are plenty of excellent classic car insurance companies that offer affordable rates for great coverage. I personally chose Hagerty an American Collectors Insurance as our carriers because of their solid reputation in paying out claims. But there are other highly reputable classic car insurance companies besides what I carry. They key is to stay within only those companies who specialize in classic cars.
4. Make sure your classic car is insured on an Agreed Value basis, and not insured on an Actual Cash Value basis. Many regular auto insurance policies will only cover the vehicle on an actual cash value basis. Most vehicles depreciate very quickly. Classic cars do not fit well on an actual cash value basis because they tend not to depreciate (and with many collector cars, they appreciate with age).
5. There are other coverage options for classic cars that are not available on a regular auto insurance policy. These include:
If you have any questions that I didn't cover, feel free to call me at 740-574-2618, and I will be happy to go over any concerns or questions you have.
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..