Your Needs Are Unique
Since classic and antique vehicles are all so different, your insurance coverage will be specific to your vehicle. There are many considerations that you and Ferranti-Graybeal Insurance will discuss while creating a policy to suit your classic car.
How Will You Use Your Vehicle?
When insuring a classic car, you must consider how you will be using the vehicle:
• Will you only drive the vehicle to car shows or in a parade now and again? If so, your policy should be limited to those circumstances.
• Are you going to use your antique vehicle to go to the grocery store, hit the beach or visit a relative? Then, your policy should reflect this kind of usage.
• Are You a Fan of the Classics?
Since you have purchased a classic or antique vehicle, you’ll also want to insure it properly, as it is an investment. This way, you can rest assured that your one-of-a-kind beauty from back in the day will be protected.
Typical Coverage Inclusions
A typical classic car insurance policy includes the following:
• Agreed value coverage: Pays for the car’s full-insured value with no depreciation in the event of a total loss, less your deductible.
• Inflation guard: To compensate for how classic cars increase in value over time, the policy increases the vehicle’s value quarterly.
• Spare parts coverage
• Flexible usage: Ability to drive the vehicle for up to 2,500 to 5,000 miles annually. Not limited to “parades only. “How many miles do you intend to drive each year?
Additional Coverage Options
• Emergency towing in case of a breakdown
• Roadside assistance for items such as a flat tire, dead battery or running out of gas
• Emergency lockout
• Lost key return
• Emergency travel expenses in case your classic vehicle breaks down while away from home
• Car show expenses—policy will pay for expenses associated with missing a car show due to a breakdown
• Theft reward
• Personal effects—policy will reimburse you for items that are vandalized or stolen when reported to police