What Makes Classic Car Insurance Different?
And why purchase Classic Car Insurance instead of Standard Auto Insurance?
December 6, 2024, by Brad Davis, CIC
Are you a proud owner of a classic car in Myrtle Beach, SC? Whether you cruise down Ocean Boulevard in a pristine '68 Mustang or keep a vintage Thunderbird ready for car shows, protecting your investment requires specialized insurance. Classic car insurance offers unique coverage tailored to these treasured vehicles. Here’s what sets it apart from standard auto insurance.
Agreed Value Coverage
Classic car insurance typically uses "agreed value" coverage, meaning you and the insurer agree on the car’s value upfront. Unlike standard policies that factor in depreciation, agreed value ensures you’ll receive the full insured amount in the event of a total loss.
Usage Limits
While standard auto insurance assumes daily use, classic car insurance often includes mileage limits. These policies are designed for cars used in parades, exhibitions, and occasional joyrides—not daily commutes.
Restoration Coverage
Restoring a classic car is a labor of love, and insurers recognize this. Many policies cover restoration work, including spare parts and upgrades, to ensure your project stays on track.
Lower Premiums
Since classic cars are driven less frequently and are often stored securely, premiums for classic car insurance are typically lower than for standard auto insurance. Who doesn't like to save on premium when they can?
Who Qualifies for Classic Car Insurance?
To qualify, most insurance companies have specific criteria such as:
- Age of vehicle: Usually 20 - 30 years old or older.
- Condition: Well-maintained or in the process of restoration.
- Storage: Kept in a secure garage or storage facility.
Why Choose a Local Independent Agency?
As a Myrtle Beach-based agency, we at Davis Insurance Associates understand the unique needs of classic car enthusiasts in our area. We’ll help you find the perfect policy that protects your investment while ensuring you enjoy every drive. Not only that, be we can insure your every day commuting cars, home, boat, and so much more.
Protect Your Classic or Antique Car Today!
Ready to learn more? Contact Davis Insurance Associates for a personalized quote on classic car insurance. We are here to safeguard your prized possession so you can hit the road with confidence. Call (843) 213-0000 or visit thinkdavisinsurance.com to get started.
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