What insurance coverage do I need for an old car? Now, are we talking an old car that is just that old? A mid-’90s sedan? Or are we talking a classic car from the ’30s, ’40s, ’50s, ’60s that has some appreciated value to it?
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What Insurance Coverage Do I Need for an Old Car?
Let’s start with the first one. On an old car, when I talk to clients, we usually have a threshold that we establish. What are you comfortable with as far as if you have a total loss and that vehicle’s gone? So, when the value hits $3,000, $4,000, $5,000 is normally when we start that conversation, where we can cut back the comp and collision deductible coverage, our comprehensive and collision coverage off of your vehicle, change that to liability only, still maintaining sufficient coverage in case you’re in an accident and it’s your fault, make sure you’re properly protected, but taking off the comp and collision and saving the premium dollars there.
What about a Classic Car?
Now, on a classic vehicle it’s a whole different deal, and we deal with different insurance companies that specialize in that. And they’re going to want to ask questions like is it garaged? They’re going to want pictures. We’ll need to put a stated value on it, and in some cases they’ll even require an appraisal to justify that value.
So, it’s really important to talk to your insurance agent and understand what the differences are there and get the correct coverage on your old or classic vehicle. If you have questions about your car coverage or would like to get a quote just click here. Talking with your agent or giving us a call will help you make sure you have the right coverage for your older car.