Conventional auto insurance usually covers a vehicle that is worth more than the original sale price, eg. B. Oldtimers or classic cars at least 25 to 30 years old, according to the Insurance Information Institute (III). However, other types of vehicles can also benefit from conventional auto insurance.
WHAT OTHER VEHICLES MAY BE ELIGIBLE FOR CLASSIC AUTOMOTIVE INSURANCE?
The III indicates that you may be able to purchase conventional auto insurance for the following types of vehicles:
- Hot Rods
- Modified vehicles
- Exotic and luxury vehicles
- Muscle cars
- Classic trucks
- Old military vehicles
- Classic motorcycles
- Old tractors
To qualify for conventional auto insurance, you generally cannot use the vehicle for everyday purposes and your policy may have mileage restrictions. You may also need to provide proof that you have properly stored the vehicle. For example, your insurer may ask you if your vehicle is stored in a closed and secure structure (such as a private garage or storage unit) or if you want to keep it in a garage or driveway. Your insurer can explain the storage requirements for vehicles protected by conventional automobile insurance.
You can also add coverage to your classic auto insurance to protect other related items. For example, protection for valuables may be available, such as
Automotive tools and accessories
Souvenirs like vintage gas pumps, hood panels and old license plates
Vehicles under construction
Reimbursement of hotel, meal or car rental expenses if your classic car breaks down during a trip
WHAT COVERAGE DOES CLASSIC CAR INSURANCE OFFER?
Conventional auto insurance typically offers full liability, comprehensive, and collision liability protection similar to standard auto insurance. Instead of coverage limits based on the "book value" of a particular vehicle model, however, coverage for conventional cars is based on a value agreed between you and the insurer. Another difference is that regular auto insurance generally takes depreciation into account when determining the current value of your vehicle, unlike conventional auto insurance.
If your vehicle is damaged in an insured incident, classic auto insurance can help replace valuable and hard-to-find parts. Repairs may need to be done by a specialist whose job is more expensive than that of a regular auto repair shop. Conventional auto insurance can help pay for high costs that would not be covered by standard auto insurance. And if your covered vehicle has special towing needs, such as pulling up a platform, for example, conventional auto insurance can help pay for those costs as well.
Different vehicles have different insurance needs. If you have an old, modified, or luxury vehicle, a local insurance agent can explain whether conventional auto insurance is an option for you.