At Maschoff Insurance in Ankeny, IA, we have spoken to several clients who were unaware of classic car insurance and its benefits. Instead, they were insuring their favorite classics with standard auto insurance and missing out on specific options that could have greatly benefited them when they had to file an insurance claim. We don’t want that for you or anyone else, so we are here to shine some light on the subject.
What is the Difference between Classic Car Insurance and a Standard Auto Policy?
Classic car insurance places a different value on your vehicle than a standard policy. With a standard policy, your vehicle’s value is determined by the actual cash value of your car, which means the value depreciates over time. With a classic auto policy, you and the insurance company insure your vehicle using an amount that the two of you have agreed upon. So, you are insuring your classic car based on its worth and the money you have put into it to restore it and maintain its glory.
With a standard auto policy, you are insuring your car for normal use. On the contrary, with a classic car policy, you are restricted in the amount of miles you can put on the vehicle. This is because a classic car can appreciate in value over time and not depreciate due to everyday wear and tear.
Classic car coverage offers specialized coverage that helps you pay the cost of the unique parts needed for complete restoration after an accident. Standard auto insurance wouldn’t cover that. Lastly, classic car insurance requires that you store the automobile in a secure location when not in use to preserve its value, something not required in a standard auto policy.
For more information
To know more about classic car insurance and whether it is the best coverage for you and the cars you love, call us today at Maschoff Insurance in Ankeny, IA, at (515) 964-3195.
