How Does Classic Car Insurance Work?

Classic car insurance in Richardson, TX helps protect classic or antique cars that aren’t for everyday driving. While it covers some similar items to regular car insurance, there are some differences to note.

Your car must be eligible for classic car insurance. It must either be a classic or antique car. A classic car is a car that is 10 to 24 years old and has historic interest, while an antique car is 25 years or older and also has historic interest. In addition to having your car qualify, you need to meet some other requirements. This includes using your car only on a limited basis, having your car preserved or maintained in its original condition, and storing it in an enclosed space.

Your insurance agent at Allegiance Insurance Agency will have an agreed value for the vehicle. A professional appraisal helps determine the agreed upon value. If your car is destroyed, damaged, or stolen, then insurance pays you the agreed value and not the actual cash value or the stated value.

Classic car insurance will have some specific terms that can vary by policy and can limit the way you use your vehicle. It’s necessary to understand these terms. You may be limited to using your car at auto club events, parades, car shows, exhibitions, or similar events. There could also be a mileage limit. You do also have to store your car in a specific way when it is not being used. If you do need to make repairs on your car, there may be only certain shops you can go to, so check to see if you can take it to a shop you prefer. Also don’t let coverage lapse. Just because the car is in your garage, it doesn’t mean it’s safe.

Contact Allegiance Insurance Agency, serving Richardson, TX, to get a quote on classic car insurance. 

When to Bundle Auto Insurance for Your Family

As your Richardson, TX family matures and grows older, your children will start driving cars. We at Allegiance Insurance Agency suggest that you bundle your auto insurance policies with those of your children to create lower premiums and maximum protection.

Teen Drivers May Have Trouble With Insurance

Teenage drivers have typically been considered a higher risk to insure because they are newer drivers and may behave in dangerous ways when on the road. Therefore, you can expect much higher premiums for your teens than you would for yourself because you have a history of skilled driving.

However, teens also experience complications such as difficulties finding comprehensive coverage and limitations on what kind of policies that they can buy. Teen drivers may find it hard to either pay for these rates or parents may struggle to justify paying them for the teen.

Bundled Policies Provide Many Benefits

When you bundle your policies together as a family, you provide many benefits. First of all, you’ll create a simpler-to-pay lump payment that makes it easier for your family to pay on time. Just as importantly, you can help your teen out in many ways.

For example, teens on a bundled policy with their parents will save money and be open to more high-quality insurance policies. Work something out with your teen, where they pay you their share of the policy every month, and you can save together as a family.

Consider Bundling Your Policies

As you can see, bundling your family’s policies together can help to streamline the situation and decrease your premiums. So if you live in Richardson, TX and want high-quality auto insurance for your family, please contact us at Allegiance Insurance Agency right away to set up a bundle that will protect your family.