As warm months approach, you may be itching to pull that classic car out of the garage and go for a drive. Before you do, make sure that it is protected well with classic car insurance. Here at Sharp Insurance & Financial Services, we think it is important that Ashland, KY classic car owners understand the benefits of having classic car insurance as opposed to traditional car insurance.
A car is generally considered a classic if it is between 19 and 24 years old, has been restored, has a higher value than similar autos, and in good working tradition. This definition differs slightly among different companies and groups. However, for the sake of insurance purposes, this definition is befitting. As classic cars are different from other car types, classic car insurance is also different. Here are three facts about classic car insurance that are different from other insurance.
A classic car’s value tends to appreciate over time while others depreciate. Traditional car insurance revolves around Actual cash value, meaning that if your car is totaled, the price the insurance will payout is based on the value of the car that day prior to the accident. Classic car insurance offers an agreed and guaranteed value that will be paid out in the event that the vehicle is totaled. This value is one that is agreed upon the day the insurance is set up.
Classic cars are also usually driven much more carefully and less often. Thanks to these facts, classic car insurance is very affordable- usually more so than traditional car insurance.
Classic cars need to be handled with care at all times, including when being towed. Due to this, most classic car insurance policies cover flatbed towing as opposed to traditional towing to prevent the car from being damaged in transit or when it is being hooked up.
Due to their value, their condition, the care they require, and their use, your regular auto policy is not the best option. Instead, you need insurance that is meant specifically for covering classic cars and you need an agency that understands this coverage. For the Ashland, KY area, Sharp Insurance & Financial Services is that agency. Stop by or give us a call for your no-obligation quote!