Owning a classic car is a labor of love, and owners rarely calculate how many hours and dollars they pour into a vehicle. Whatever the amount is, both the investment and -- more importantly -- the vehicle should be protected when possible. Purchasing classic car insurance is one way that Massachusetts owners of these vehicles can protect their vehicles from a variety of risks.
Classic car insurance is specialized auto insurance for older and less common vehicles. The insurance may be used to insure a car or truck, so long as the vehicle isn’t something common today.
Most Massachusetts residents who own antique or rare cars should consider purchasing antique car insurance for their vehicle. This may include classic cars, hot rods, roadsters, and even some new but very rare models (rendering the term “antique car insurance” a bit of a misnomer). The insurance isn’t just for antique cars.
Many cars fall into a gray area where they might or might not be considered classic/rare. For these vehicles, drivers should speak with an insurance agent who specializes in antique car policies. A specialized agent will have the expertise needed to make an informed policy type recommendation for a particular vehicle.
Antique car insurance provides multiple coverages, often adding to the protections that might be found in a standard auto insurance policy.
Some of the coverages that both antique car and standard auto insurance policies normally provide include:
A couple of coverages that tend to be more common in antique car policies are:
Both antique car and standard auto policies frequently offer 24/7 emergency roadside assistance as an available perk. The assistance provided by antique car policies is often specifically for collectible vehicles, though, and this might ensure a higher level of service. For example, an antique car policy’s assistance might include guaranteed towing on a flatbed so that the car won’t be accidentally damaged going over a bump.
(The exact coverages and optional perks found in antique car policies can vary.)
Most classic car policies are agreed-value/guaranteed-value policies. This generally means that the insured vehicle is covered at a predetermined value. The coverage is most useful when there aren’t many accurate comparisons to value a vehicle by, or when the money put into a vehicle is greater than the value of the vehicle.
Stated-value coverage is a more common way of establishing how much protection a policy provides for the insured vehicle, and most standard auto policies are stated-value policies. With this type of policy, the vehicle is insured up to its fair market value. That value often isn’t determined until there’s a comprehensive or collision claim, and the value is based on comparable sales as well as other factors.
For help insuring a classic or collectible vehicle that’s registered in Massachusetts, contact the independent insurance agents at Garrity Insurance. Our agents will review your vehicle’s coverage needs with you. They’ll then compare classic car insurance policies from different insurance companies to see which policy will be best for your vehicle.