Classic car owners tend to take their beloved vehicles out for a drive from time to time, usually for events or on a special occasion. With the harsh winter months most of these automobiles are kept in garages or storage where they remain safe from the elements. This is an opportune time to review your policies and make sure that you have the appropriate coverage for your automobile. Having adequate classic car insurance in nj are is your best line of defense when an accident or some type of damage occurs to your precious four-wheeled treasure.
Many classic car insurance agents are able to provide you with multiple quotes and can therefore offer you superior coverage at rather low premiums. They can also provide other benefits that are specifically tailored to collector car owners, such as your choice of repair shop, coverage for spare parts and tools, and roadside assistance with flatbed towing.
Available policy options
Perhaps an important consideration between using the services of a specialty classic car carrier as opposed to a standard auto carrier is the type of policy offered and how the policy accounts for a vehicle’s value. There’s guaranteed (or agreed) value coverage, which is typical for most companies specializing in classic cars, while a traditional car policy writes an actual cash value (ACV) or stated value policy, which is certainly not recommended for classic or antique car owners.
Guaranteed value coverage means the owner and insurance provider agree upon the car’s value at the time the policy is issued (which states that value will not be depreciated in the case of a total loss). An ACV policy will potentially depreciate the car’s value, reducing the amount of any claim. This difference is particularly important because most classic cars appreciate in value over time, which is not the case for most modern automobiles.
A company that deals exclusively with classic cars understand the unique needs associated with older, collectible vehicles, which will usually translates into savings for the insured. They recognize that the risk for loss is far less in a classic car than in a regular-use vehicle, therefore the premiums are often less costly. Speak to an agent about any questions concerning classic car insurance in NJ and have peace of mind that you have the right protection in place for your dream vehicle.