Insuring Your Classic Car in Richardson, TX

Do you have a classic or collector’s vehicle in Richardson, TX? Have you thought about classic car insurance? While classic car insurance might sound like a new terminology, it functions similar to your standard auto insurance but with a few differences.

Need to find out how classic car insurance works? Allegiance Insurance Agency is here to guide you.

What is a classic car?

People have different opinions about what constitutes a classic car, but generally, a classic car refers to any vehicle manufactured before 1990. So a 1957 Corvette or a 1932 Ford Roadster qualifies to be a classic vehicle. To note is that classic cars don’t only refer to cars only. The below categories can fall under classic car insurance. These include:

  • Trucks
  • Antique cars
  • Antique bikes
  • Exotic and muscle cars
  • Classic military vehicles
  • Custom and race cars

What’s unique about classic car insurance?

Just like your standard auto insurance, classic car insurance includes typical coverages like liability, comprehensive, collision, uninsured, and collision coverages. However, when it comes to compensating you in case of a total loss, that’s where there is a difference. You see, unlike your standard vehicle that depreciates from the moment you drive off the lot, a classic car appreciates in value. With this in mind, you need a special insurance policy – classic car insurance – that protects the actual value of your vehicle.

And speaking of compensation, you need to understand the below values regarding classic cars:

  • Agreed value: This is a predetermined dollar amount between you and your insurance company. In case of a total loss, you are paid this amount less the deductibles.
  • Stated value: This is the amount (with documentation support) you tell the insurer that your classic car is worth.

If confused about the best value for your classic car, the agreed value is the best as it cushions you from any financial loss when your vehicle is totaled.

Buy classic car insurance today!

Are you looking for an affordable classic car insurance plan in Richardson, TX? Please contact Allegiance Insurance Agency for a competitive quote.