Your classic car is special to you, and it deserves special coverage. A standard Rhode Island auto insurance policy isn’t enough to cover your prized possession. Whether you own an antique or a classic vehicle, you’ll need specific coverage to protect it properly.
What qualifies as classic? Generally a classic is at least ten years old, rare, or historically significant. It may be a limited edition or an example of outstanding workmanship.
You’ll need to confirm whether your insurer considers it a classic to benefit from a classic car policy. Since it isn’t a vehicle you use every day, a standard insurance policy may not be appropriate.
Your classic car is probably expensive. You’ve babied it, spent plenty of money on restorations, and perhaps you’ve customized it, too. You can’t look up its value in Kelley’s Blue Book, because your car is too old to have a depreciated value and you’ve added value over time. Consequently, you and your insurer must agree on a coverage value.
Your insurance carrier will use photos, your receipts for repairs and replacements, and comparables to come up with an appropriate value. If someone steals it or totals it in an accident, the insurer pays the agreed value, less your deductible.
Since you don’t use your classic car regularly, most classic car policies have an annual limit on mileage. For example, your policy may specify you cannot drive more than 5,000 miles each year.
This mileage cap actually benefits you because less mileage means less risk for the insurer. Consequently, classic car policies normally cost less than a standard auto policy. If you take your car to many shows around the country, you may be able to increase this limit, but it costs more.
Fair Weather Driving
Classic cars usually stay hidden when the weather turns foul. As a result, you can insure your vehicle during driving season and then switch to a policy for storage during the winter months. This can save you a considerable amount over a standard insurance policy. You must store your car in a secure garage or storage facility.
Your classic isn’t just any old vehicle. Subsequently, you’ll need stipulations if you want additional coverage for your prized possession. For instance, if you choose to add roadside assistance to your policy, you’ll want to know that you can use a towing company that knows how to treat a vintage vehicle.
If you’re in an accident, you’ll also want to know if you can choose the body shop and whether they’ll pay to replace any custom parts on your vehicle. You’ll also need to know if your policy covers any modifications you’ve made to your vehicle, or if it beyond the scope of your coverage.
Each classic car is unique, and your insurance policy should be, too. Our insurance agents can customize your policy to suit your needs and your budget.
Talk to your agent. State minimums for bodily injury and property damage aren’t sufficient. Get the coverage you need, and enjoy the ride!