Typically, a classic car insurance policy includes the following 5 coverages:
Agreed value pays for the classic car’s full-insured value in the event of a total loss, less his deductible. Upon writing the classic car insurance policy, the insurance company will agree on the value of the vehicle before actually issuing the policy. So in the event of a theft or loss, the insurance company will pay the agreed value.
Inflation guard will increase John’s classic car value on a yearly basis to compensate for inflation and appreciation. Because John’s classic car is expected to appreciate over time, his policy will automatically increase the value of the car by 2% each quarter, up to a maximum of 8% per year at no additional cost.
Spare parts and specialized tools to repair and fix your classic car can be costly. This coverage supports you in the event a repair or a part replacement.
Flexible usage limits mileage ranging from 2,500 to 5,000 miles annually, not limited to parades. And consideration is always taken for year round storage on site or off site.