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Classic Car InsuranceClassic Car Insurance

At Hart Insurance Agency, we know that owning a classic car is a true labor of love. However, did you know that insuring your vintage auto is different than insuring your regular vehicle? Here is what you need to know.

How Insuring a Classic Car Works

Insuring a classic car is a little bit different than purchasing a policy for a regular vehicle. This type of specialty coverage is based on the stated value of the car versus fair market value. When the policy is purchased, the car owner decides at that time how much to value the vehicle at—either through a professional appraisal or some other proven means. The rate for the policy is then based on this amount.

Why is this done? Usually, this is because classic cars do not depreciate in the same way newer model vehicles do. In addition, classic automobiles often have specialty parts or accessories added on that need to be taken into consideration when determining the overall value of the car. This is where your added time, money, and energy spent into making your vehicle the best beauty on block becomes really pertinent.

Why Classic Car Rates Are Often Lower

Another thing to know about classic car insurance is that the rate is typically much lower than that of a newer model vehicle. The reason for this is that classic cars are usually driven less and spend more time housed in a garage. This reduced amount of time on the road equals less risk for an accident and lowers the overall cost to insure the vehicle.

However, rates vary from carrier to carrier. This is why it is always important to speak with your independent insurance agent to compare rates amongst different providers.

For more information about insuring your classic car in Federal Way, Washington, please contact our knowledgeable team at Hart Insurance Agency today.