If you have a car over ten years old and are concerned about it being a financial risk, you may consider buying classic car insurance. This specialized form of coverage can help you protect your car from the risk of being damaged or even lost.
You’ll likely have to provide an extensive history of your car to your insurer and show that you’re keeping the vehicle in a condition that will protect it from the risk of depreciation.
As with any other form of car insurance, you’ll also want to make sure you’re buying enough coverage to protect you if your car is damaged in an accident. You can consult The Slocum Agency Inc. in Warwick, RI for questions.
How to Go about a Classic Car Insurance
If you want to get the best deal on insurance for your classic car, it is vital to shop around and ensure you get quotes from multiple companies. Increasing your deductibles can significantly decrease your car insurance rates.
An ordinary policy may not work for a classic car. You may need special coverage to protect your classic car if it is not drivable. In this case, it must be insured as collectible, antique, or vintage.
Depending on the car’s value and its risk profile, you may want to purchase collision or comprehensive coverage. Collision coverage is recommended if you have a car with high value or a vehicle that is difficult to replace.
Comprehensive coverage is recommended for a car with a high risk of being stolen or damaged due to an exposed valuable item. It’s also important to ensure that your car insurance policy includes a visit to the car repair shop if you cause significant damage to another car.
Most insurance companies will not cover if a car is older than a certain age. However, most classic car insurance policies will cover a car if it falls under a certain value threshold.
To properly ensure your classic car, ensure you have the right policy. Are you stuck with questions in Warwick, RI? The team at The Slocum Agency Inc. can help!