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Classic cars are more than just vehicles to their owners—they’re investments, collectibles, and sometimes, passion projects. The reasons why classic cars hold a special place in the heart may vary, but what’s crucial is that they are safeguarded like a treasure hidden within castle walls. Classic cars require special insurance, which is available through Acme Insurance Brokerage in Amityville, NY, to ensure this.
Agreed Value versus Actual Cash Value
A significant distinction between classic car insurance and standard auto insurance is the method of determining the vehicle’s value. Unlike regular cars, which depreciate over time, classic cars often appreciate in value. Specialized policies use an agreed value model, where the insurer and owner agree on the car’s worth upfront. If the vehicle is totaled, the owner receives the full agreed amount, not a depreciated cash value.
Limited Usage and Lower Risk
Classic car insurance usually includes mileage restrictions because these vehicles aren’t intended for daily use. Policies may stipulate that the car is only driven for leisure, exhibitions, or club events. Since classic cars spend less time on the road, insurers offer coverage tailored to lower risk while ensuring the car is protected when it is driven.
Special Repair and Restoration Coverage
Unlike modern cars, classic cars often require hard-to-find parts and specialized labor for repairs. Standard insurance may not fully cover the costs of restoring a classic car to its original condition after an accident. Classic car insurance includes coverage for authentic restoration, ensuring the vehicle maintains its historical integrity.
Protection Beyond the Road
Many policies also cover damage that can occur in storage, during transport to a car show, or from vandalism. This added layer of protection recognizes that classic cars face unique risks beyond standard driving hazards.
Standard auto insurance doesn’t offer the same level of protection for these valuable vehicles. Unlike daily driven cars, classic cars require specialized insurance like that offered through Acme Insurance Brokerage in Amityville, NY. Contact us today to learn more.
