Classic car insurance helps to keep collectors safe from many problems. For example, suppose you’re investing in a new classic car in Columbia, SC, and want to keep it protected. In that case, we at New American Insurance can help you.
First, now that not every car will qualify for classic car insurance. Just because a car is old doesn’t necessarily mean it allows either. To get classic car insurance, you must make sure that your vehicle is:
- At least 25 years of age or 20 years with collectible value
- Not your primary vehicle for transportation
- Not used for racing and has minimal on-road miles
- Stored in a climate-controlled or closed garage
- A high-end model, like some new Corvettes or Ferrari vehicles
You must also have a clean driving record over the last 5-10 years and no more than one at-fault accident or moving violation in the previous three years. At that point, you can choose an insurance policy that works for your needs, including:
- Agreed Value – This policy will pay out the amount that the vehicle was worth when you first took the policy. These classic cars may gain in value over time, so consider this option carefully.
- Tiered Mileage – When you limit the number of miles you put on your car, you give yourself the best chance of finding an excellent policy.
- Auto Show Medical – This policy will protect you if someone gets hurt at a car event where your vehicle is featured, minimizing your financial investment.
- Spare Parts – When parts of your vehicle are stolen or damaged (or the car itself is damaged), this protection will help pay for these often expensive items.
If you are interested in any of these coverage options and want to cut back on your financial problems, please contact us at New American Insurance, serving Columbia, SC.