Classic Car Insurance in Indiana
If you own a classic car, consider purchasing a classic car insurance policy. These cars are a worthy investment if you want to diversify your car collection by adding something. An insurance policy protects you and your masterpiece just in case something terrible happens. IAL Insurance, serving the people of Indiana, Florida, Ohio, Michigan, Illinois, and Tennessee, wants you to understand how this policy works. Read on to find out.
How Does Classic Car Insurance Work?
This type of policy works almost the same as your regular auto insurance policy. The significant difference is that classic car insurance offers agreed-value coverage. That means when you’re purchasing a policy, you get the car appraised to find the value of the vehicle. This is what the insurer will pay if anything happens to it. But beyond that, you still get different coverage options, like comprehensive and collision coverage, and you can choose what suits your needs.
What Is Considered a Classic Car?
A vehicle needs to be at least 20 to 25 years old to be considered an antique. It also needs to maintain its original designs and specifications. That means if the car undergoes any restoration, it should be consistent with the original build.
Qualifications for Classic Car Insurance
For your classic car to be insured, it needs to meet the following rules:
- Not used for daily errands
- Be in good condition
- Kept in safe storage such as a private garage, pole barn, or storage unit
- Not used for racing
- The driver needs to be over 25 years old with a good driving record
Insuring your classic car will protect you from financial loss if your vehicle is stolen or gets into an accident. Since this type of insurance comes with a few rules, let the team at IAL Insurance help you figure out how it works. Our agents in Indianapolis, IN will be happy to answer your questions.