Classic Car Insurance
Finding the Best Classic Car Insurance in Johnson City, TN
Collectible and classic cars are becoming very popular these days in Johnson City, Jonesborough and other areas. Maybe you wish to recapture an important or wonderful time of your youth. Perhaps you appreciate the vehicles of yesterday for their special qualities or construction. Regardless of your reasons, it’s important to have the right kind of Classic Car Insurance if you want to fully protect your automotive investment. If not, you could be dealing with problems like Fred in our story.
Fred was driving through Kingsport when he saw an old car for sale along the side of the road. This was no ordinary car. In fact, the car was identical to the one he drove in high school. He turned around and went back to investigate. After parking, he got out and inspected the old car and a wave of fond memories suddenly swept over him.
He wrote down the phone number that was on the “for sale” sign and called it later that day. The car was being sold to settle an estate of an elderly man who recently died. Fred went to see the executor of the estate and he bought the car for a good price, because it needed extensive restoration. The next day he called his insurance agent to purchase a Collector Car Insurance policy. At the time, the car was only worth about $1000, so Fred took a policy to cover the current value. Once it was restored, he would change the coverage.
Together, Fred and two of his sons spent a lot of evenings and weekends bringing the old car back to life. In fact, they were about 80 percent done when disaster struck. Fred parked the car in the driveway to wash it, and left it there because it started to rain hard. A few minutes later a huge bolt of lightning struck a nearby tree and a large branch fell on top of the car causing major damage.
Fred called his agent the following day about a claim on his policy. However, he was shocked to learn he would only receive a thousand dollars, even though he had spent an additional 6 thousand on restoration. Yet, because his policy was insufficient, he had to absorb the loss.
What is Antique Car Insurance?
A classic car policy is designed for cars considered to be “antique” or “collectible”. These cars are special and they have special needs when it comes to insurance.
Can I Take Out a Classic Car Policy on My Vehicle?
The definition of classic car has changed quite a bit over the past few years and depending on the insurance company, you might be able to insure a car as young as ten years old for this kind of coverage. Here are some of the requirements which you may need to meet:
- Your vehicle cannot be used as a daily driver car.
- Primary use is pleasure driving
- Must be well maintained
- Has to be protected in a garage
- Mileage restrictions – some companies only allow you to drive so many miles per year. However, you can find classic auto insurance policies with no limits on mileage.
What is a Typical Classic Car Insurance Policy Like?
You will need the minimal liability insurance coverage as defined by Tennessee law. It is 25/50/15. This means $25K personal injury and death benefits for one person, and $50K is the maximum death and injury benefits for all claims. In addition, you will have $25K in personal property damage liability. These limits are “per incident”.
You will want to carry full coverage on your classic car and this includes:
Options for Collector Car Insurance in Johnson City, TN
Instead of standard car insurance, you should consider insuring the car for its market value. You also can select a “guaranteed value” option which does not allow for depreciation when settling a claim. Some insurers may let you insure your vehicle for a predetermined amount.
Spare parts coverage is worth considering if you are restoring your car or keeping a lot of spare parts on hand. After all, they can be hard to obtain and very expensive.
Uninsured motorist insurance is a good coverage option to have. This will pay for claims if the other driver is at fault and has no (or insufficient) auto insurance. It will also take care of damages caused by a hit and run driver.
You can choose other options like roadside assistance, and in some cases, this may be included in your policy for no additional charge.
Saving Money on Antique Car Insurance
When you come to an independent insurance agency like Veritas Risk Management you will receive a number of benefits, such as:
- We comparison shop policies with companies like Hagerty and Grundy. This can get you the lowest rates and the most coverage for your dollar.
- Save money with a number of discounts – we can show you how to save even more money on your Collector Car Insurance with anti theft devices, limited usage (low mileage) rates, and winter storage options.
- Expert claims handling
- Personalized service
To get a quote on your collectible car insurance, fill out our quote form and we’ll contact you. If you would like to talk to an experienced insurance professional from Veritas Risk Management about Antique Car Insurance, call us at (423) 292-4142.