Choosing the right insurance policy for your vehicle is essential. This is especially true if you’re currently investing in classic cars. Knowing the differences between traditional and classic car insurance can help you stay ahead of potential claims while knowing your investment is safe and secure, year-round. At Red Rock Insurance, serving Las Vegas, NV, we specialize in helping our clients select the right insurance based on their ownership and the type of coverage necessary for each situation.
Vehicle Value
Traditional car insurance typically uses the actual cash value (ACV) of your vehicle to determine the level of coverage you’ll receive. Your payouts with a traditional insurance policy are based on the depreciated value at the time of a claim. For everyday standard cars and trucks, this works fine. However, if you own a classic car that becomes increasingly valuable over time, a classic car insurance policy is highly recommended.
Usage and Mileage
Traditional insurance assumes daily use, such as running errands, commuting, and unlimited mileage. Classic car insurance is designed for limited use, such as attending exhibitions, parades, and local car shows.
Eligibility
Classic car insurance has stricter requirements. Insurers will typically require:
- Secure, enclosed storage
- A clean driving record
- Another vehicle that is currently insured for daily usage
Determining if classic car insurance is right for you will depend on the vehicles you own and the type of usage they receive.
Knowing the differences between both traditional and classic car insurance is imperative as a driver. Whether you’re investing in your first classic car or if you want to optimize coverage, we’re here for you. To learn more about your standard and classic car options, call us. Red Rock Insurance is here for you, serving Las Vegas, NV and the surrounding areas.
