Many people often misunderstand classic car insurance. This car insurance is designed for older cars and works similarly to conventional auto insurance, yet has specific differences. The All Nevada Insurance Inc. team is committed to helping Las Vegas, NV classic car owners understand how classic car insurance works.
How does classic car insurance differ from conventional car insurance?
Classic car insurance provides all the coverage types offered by conventional auto insurance. However, it differs from conventional auto insurance in that it covers you at your car’s "agreed value." This means that the value assigned to your classic car is agreed upon by you and the classic car insurance company. This differs significantly from conventional car insurance, which assesses your car’s actual value when determining payouts for accidents and other situations. Your car’s value depreciates over time with conventional car insurance. Conventional car insurance bases your car’s value on its condition as well. You will receive your car’s assessed value if it is stolen or totaled. The deductible is subtracted from the amount you will receive.
Will classic car insurance be a better investment than conventional car insurance?
If you don’t drive your Beetle every day, and it’s in mint condition, classic car insurance is probably a better option. Classic car insurance will allow you to set the value of your car with your classic car insurance instead of its depreciated value. Conventional car insurance wouldn’t offer these perks. Also, classic car insurance often has perks that help you to keep your car in mint condition in addition to helping you find hard-to-locate auto parts. However, every classic car insurance company is different, and you’ll need to explore your options to discover the offerings. If you have questions about classic car insurance, call us. We’d be happy to answer them.