What Does Classic Car Insurance Cover?

Collecting, displaying or working with classic and antique motor vehicles can be a rewarding endeavor. However, these automobiles are also usually significant financial investments with plentiful risks and exposures and an accident or damage could have sizable financial ramifications. The insurance professionals at ML Ruberton Agency can help protect your investment with suitable classic car insurance in these situations.

What Does Classic Car Insurance Cover?

As its name suggests, classic car insurance provides specialty coverage for classic cars, such as vintage, rare and antique vehicles. Standard auto insurance is generally not suitable for these vehicles and should not be relied upon for adequate coverage. Still, many classic car insurance policies may include several of the same protections as auto insurance for a standard vehicle, such as the following:

• Liability—If you are responsible for an incident affecting a third party, such as a pedestrian or other motorist, this coverage can help pay for their losses, including medical treatment, lost income and property damage.
• Collision—This coverage can help pay for damage sustained by your classic vehicle resulting from a collision with another automobile or a stationary object, such as a building, signpost or fence.
• Comprehensive—This coverage can provide financial assistance if your classic car is damaged by noncollision events such as fires, severe weather or criminal activity.
• Uninsured/underinsured motorist—If your car is damaged in an accident for which another party is at fault, this coverage can help ensure that you are able to recoup your losses even if the at-fault party lacks sufficient insurance.

Although the aforementioned coverages may appear similar to standard auto insurance, the additional features available through classic car insurance make it essential for such vehicles. These enhancements may include the following:

• Agreed value—Classic car insurance can help protect your investment by insuring your vehicle at an agreed value not subject to depreciation. Work with your insurance agent to identify an agreed-upon value for your property to ensure that you are covered for a potential total loss.
• Specialized maintenance—Classic car insurance can provide coverage at specific shops or garages with technical knowledge and expertise for servicing your classic car. It may also help pay for unique and custom parts, even if generic options would be more affordable.
• Classic car towing—Classic vehicles may be more expensive to tow than standard cars. This coverage can help pay for specialty towing.

Get the Right Coverage

With a history of service dating back over 100 years, the dedicated professionals at ML Ruberton Agency are well-equipped to help you assess and address your classic car insurance needs. Visit our website or call 609-561-1200 to get started today.

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.