Classic cars often retain their value and continue to appreciate, unlike most cars, which tend to depreciate. These gorgeous cars require special care and frequently qualify for classic car insurance. However, there are a few criteria car owners must meet to qualify for this type of insurance.
What Is Classic Car Insurance?
Classic car insurance is sometimes referred to as car collector insurance. These policies may offer similar benefits to standard coverage, such as coverage for natural disasters and bodily injury. Many insurance companies offer higher coverage limits for these vehicles. Some provide customization packages to ensure every aspect of your car is covered, including upgrades.
Vehicle Qualifications
A car must be considered a classic to qualify. In most areas, the car must be 20–25 years old. Many insurance companies state that the vehicle must have historical significance and can’t be a daily driver. However, these qualifications differ depending on the insurance company. An agent at Red Rock Insurance can help you learn more about classic car insurance in Las Vegas, NV.
Key Differences
There are a few key differences between standard insurance and classic car insurance. Many insurance companies state that a vehicle can only be driven a certain number of miles annually. Others may have flexible mileage limits if you drive to a car show, etc. Insurance policies may cover an agreed-upon value amount instead of the vehicle’s actual cash value in the event of a total loss.
Car owners often enjoy a lower premium with this type of insurance. However, insurance companies will still consider factors like your age and driving history when determining your premium. Contact a Red Rock Insurance agent to determine if you qualify. We’re currently serving the Las Vegas, NV, area.
