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 meet 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
However, 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. 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.
If you need help selecting the best property damage liability coverage for your classic or antique car, contact AgentInsure. AgentInsure connects you to a licensed insurance agent in your area, who can inform you about the different coverage options for your classic vehicle.
Can I Keep the Auto Insurance Claim Money and Repair the Damage Myself?
When you make a claim on your auto insurance after an accident or an incident that caused damage, you will receive funds to make repairs after an estimate is obtained for the cost. If you do not ha...
Read More →
Who is Covered by my Car Insurance if I am Not Driving?
If your friend borrows your car while hers is in the shop, or if your son lets a friend drive the family car, the coverage for the vehicle will be provided by your insurance, in most cases. While e...
Read More →
Is it a Myth or Fact that Red Cars Cost More to Insure?
When you are considering the purchase of a new vehicle, you want to take time to consider the impact on your insurance policy. Among the myths that may worry you is the idea that red cars are more ...
Read More →