Selecting the Best Classic Car Insurance Coverage

You’ve saved and searched for years, and now it’s finally time to buy that 1971 Chevy Chevelle. But even if this is just your weekend ride, you still need car insurance coverage with property damage liability for your pride and joy.

Unless you live in New Hampshire, car insurance coverage is a legal requirement for every driver, no matter what kind of vehicle is driven. And if you are responsible for any type of accident while driving, you will need property damage liability coverage to pay for the damages. You don’t want to have to sell your beloved classic car to pay for these costs.

Fortunately, because your Chevrolet is forty years old, it will have some bearing on the premium you’ll pay for car insurance coverage. There are a number of companies that offer car insurance policies that cover special cars for property damage liability, and you’ll have the opportunity to select the one that works best for you.

So how do you go about choosing the right car insurance for your classic vehicle?

Determine the Agreed Value

First of all, it’s important to realize that most classic and antique vehicles are investments that become more valuable over time. Whether you’ve spent hours restoring your car yourself, or bought it in perfect condition from a classic car dealer, its value, also referred to as the “agreed value,” should be reflected in your car insurance coverage. This way, if your car is damaged or stolen, your car insurance coverage pays out.

Consider Liability Coverage

Many car insurance policies place restrictions on who may drive your vehicle, how many miles you may drive each year, and how your car is stored. Despite these restrictions, which are meant to maintain the value of your classic car and account for extra care and limited use, your property damage liability coverage still needs to be adequate to cover all costs in the event of an accident.

Discover Your Options

Discuss property damage liability with your insurance agent to find out your options, and request quotes from other insurance companies as well. Depending on your circumstances, you might want property damage liability with a low premium and a higher deductible, or a lower deductible and higher premium. Exactly how you structure your property damage liability coverage depends on your level of comfort.