At Oyer, Macoviak and Associates, we know your vintage or classic car is a labor of love. We understand that you’ve put hours of blood, sweat, and tears into restoring your baby into a beautiful reflection of the past. This is why we are proud to offer classic car insurance to our customers.
Classic Car Insurance is Similar to Regular Automobile Insurance
Classic car insurance is virtually identical to the policy you carry on your daily driver. It still includes a section for third-party liability coverage—which is required by law—and offers optional comprehensive and collision coverages to handle any damage to your vehicle. In fact, the application for obtaining a classic car insurance policy is almost identical to that of a regular automobile policy and having this type of coverage still qualifies you for certain multi-line discounts.
How Classic Car Insurance is Different
While classic car insurance is very similar to traditional automobile insurance, there is one glaring difference—stated value. Regular car insurance operates by the principle that, if your car is totaled during an incident, your policy will pay an approximate cost based on deprecated value. Classic car insurance is based on a set value for the vehicle at the time you purchase the policy, a figure that does not change or depreciate as the policy is in effect. In most cases, an official appraisal is needed at the time the policy is purchased unless specific guidelines are met.
Why carriers classify collector car insurance in this manner spans a couple of reasons. First, classic cars usually increase or remain the same in value as time goes on. Second, many classic car owners have added customized equipment or spent extra money to upgrade certain pieces of equipment. By stating the value at the time of policy purchase, you are able to include those items in the final amount in case the vehicle is ever totaled.
To learn more or to receive a no-obligation classic car insurance quote, please contact us today.
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.