How to Find Auto Insurance for Classic and High-value Cars

Owning a classic or high-value car is a passion for many in Fort Lauderdale, FL. But as any responsible car owner knows, you need the proper insurance to financially protect your investment. Standard auto policies often fall short in covering classic or high-value cars due to their unique risks and exposures.

Key Features to Look for in a Classic Car Policy

Consider the following when insuring your classic or high-value car:

• Agreed value coverage—This is when you and the insurance company decide on the car’s value. If your vehicle is totaled in a covered incident, you may receive the full agreed-upon amount instead of the depreciated market value.

• Restoration and spare parts coverage—High-value and vintage cars are often more expensive to repair or replace due to the scarcity of parts and specialized mechanic skills needed, which your policy should account for.

• Limited use coverage—Most high-value cars aren’t driven on a daily basis, so policies often reflect that reduced mileage. This can sometimes help to lower premiums.

• Garage location and storage provisions—Your coverage can also be affected by where and how your vehicle is stored. Keeping your vehicle in a garage is preferred to parking it outdoors.

Other Considerations

High-value vehicles come in all makes and models. Classic cars must typically be 20-25 years old to qualify for classic car coverage. Muscle car insurance can be especially expensive because of the high-performance capabilities and modifications. Ultimately, your car’s age, condition, and historical interest are considered when creating a policy, though specific parameters can vary by insurer.

Contact Us

Your high-value car is an important investment and should be protected as such. The professionals at Hope Financial Depot in Fort Lauderdale, FL can help you create the auto insurance policy that fits your unique needs and budget. Contact us today for a personalized quote or more information.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.