For many car collectors, classic models are one-of-kind vehicles that carry a high value, both monetary and sentimental. As a result, auto insurance for collectible classics is designed to cover the time and money you’ve invested in your special ride. Unlike standard car insurance, this type of coverage may not only be more expensive, but it could also include unique stipulations. To help you navigate classic car insurance, Action Auto Insurance Agency in New London, CT, highlights a few specifics.

5 Auto Insurance Factors That Affect Your Classic Car Coverage

1.  Classic Car Status

You’ll want to check with your insurance provider to see what they define as a classic or antique car. For example, some vehicles may not be considered a classic until they are at least 10 years old.

2. Agreed-Upon Value

With standard auto insurance, the total value of your car depreciates over time, which means you get less money back if the vehicle is totaled in an accident. Classic models, on the other hand, are covered up to a specific amount for the entirety of the policy. The coverage limit can even be adjusted higher if the car increases in value. However, this amount is agreed upon by you and your provider and is typically based on the market value, condition, and rarity of the vehicle.

3. Storage Requirements

Outside elements can cause considerable damage to a car, which is why insurers often require policyholders to cover and store collectibles in garages. Fortunately, if you keep your classic car garaged—and out of use—for several months out of the year, you may be entitled to receive a lower rate during that time.

4. Driving Limitations

Depending on the car and your insurance provider, your coverage may only be valid if you limit how often you drive the vehicle. Some policies, for example, might only allow you to drive it to car shows or events. Additionally, many providers only cover damage if you are driving the car, rather than someone else.

5. Existing Auto Insurance

If your classic car is insured by the same company that provides your standard car insurance, you may be able to save on your premium. Ask your provider if they insure classic cars—and if they offer discounts for covering multiple vehicles.

Specializing in all types of vehicle insurance, Action Auto Insurance Agency can help you protect your classic car with exceptional, affordable coverage. To request an auto insurance quote in New London, CT, contact a local agent today at (860) 444-7224, or visit their website to learn more.