What is the difference between classic car insurance and regular auto insurance?

Everyone knows what auto insurance is. The buyer insures a vehicle in the event of an accident or other mishaps against damages, not only to the vehicle he or she owns but also to other vehicles involved in the mishap if the owner is found to be at fault. An auto insurance policy also covers property damage, medical expenses, and legal liability. Owners receive a settlement for the damaged car or its replacement value minus the depreciation, depending on the model, make, and year.

But what about a classic car, like a decades-old sports car or a rare, luxury vehicle like a Bentley or Rolls Royce? As CO Insurance Specialist, serving Wheat Ridge, CO would like to explain, a classic car is treated like any other luxury item, like jewels or furs. Classic car insurance thus covers an agreed-upon value of the vehicle. Generally, that value is assessed by a respected appraiser and listed in a guide book that lists classic cars.

The insured classic car should be in good condition. If the car is totaled in a wreck or an accident like a garage fire or is stolen and not recovered, the policy will pay for the full appraised cost of the vehicle.

Why should you get classic car insurance? A classic car represents a considerable investment, both in time and money. Owners of classic cars also enjoy keeping them running and in mint condition. A classic car insurance policy protects the investment and insures that the owner can at least have enough money to replace the item if the worst happens.

For more questions on classic car insurance, feel free to contact CO Insurance Specialist, serving Wheat Ridge, CO.