If you own a rare, vintage or classic car in California, it is important that you have an insurance policy on the vehicle that is tailored to your specific needs. A standard auto policy can provide basic coverage on a classic car, but these policies do not have many of the features that most classic car owners really need. There are many extra coverages available in a classic car insurance policy and many opportunities to save money on coverage based on the driving characteristics of most classic car owners. Additionally, claims that are handled under a classic car insurance policy are typically handled by adjusters and appraisers who only work with classic car insurance policies, which means that they will understand your needs and can properly evaluate the cost to repair or replace your classic car.
To make your quest for insurance coverage a little easier, it will be important to consider the two main components of an auto insurance policy. The first component relates to physical damage coverage. This is the section of the policy that pays for damage to your vehicle. In most cases, a California classic car owner will want to have “agreed value coverage”, which will establish the value of your classic car when the policy is written so as to avoid any conflict in opinions later on in the event of a claim. The second section you should be familiar with relates to liability coverage. In California, the minimum required coverages are often expressed as “15/30/5”, which means $15,000 per person, $30,000 total coverage per accident, and $5,000 in property damage coverage. These limits are far too low for most auto owners, and especially so for most classic car owners who may have substantial financial assets to protect from claims.
There are many categories of classic cars for insurance purposes, and you may own a car that falls in to one of these many categories. Antiques are cars that are generally 25 years or older. Classic cars typically fall in the age range of 20 to 24 model years old. A class known as Collectibles are usually 15 to 19 years old. Another class of cars involve newer cars of not more that 15 years old, known as Exotic cars. There are also Street rods, Customs and Kit cars as classifications. All of these classifications pose unique challenges when establishing a value at the time of a claim so it is important that the proper insurance coverage is in place to avoid any problems.
Choosing your policy will be made easier for those who choose to deal with an insurance agent that has experience with insurance for classic cars. You should choose a reputable, experienced agent, and you should also consider a strong stable insurance company. Insurers are rated by A.M. Best and the strongest companies have ratings of “A” or “A+”. These ratings mean that the insurer is financially strong and is well able to pay claims by its policyholders.