Owning a classic car is a cherished hobby for many. However, when it comes to insuring these vintage beauties, classic car insurance offers distinct advantages compared to regular auto insurance. Here at Gateway Property & Casualty, providing auto and classic car insurance in Dover, NH, we want to help you learn more about the differences between these two types of insurance.
Agreed Value Coverage
Classic car insurance shines with its agreed-value coverage. Unlike standard auto insurance, which pays out based on your vehicle’s depreciated actual cash value, classic car insurance allows you to establish an agreed-upon value with your insurer. This agreed value accounts for the uniqueness and any modifications to your classic car. In the unfortunate event of a covered loss, you’ll be reimbursed according to this pre-determined value, preserving your investment.
Lower Premiums
A significant draw of classic car insurance is the lower premiums it offers. Classic cars are typically driven less frequently and are often stored securely, reducing the risk of accidents or theft. Classic car insurance policies often come with mileage restrictions, which further mitigate risks and contribute to lower costs for policyholders.
Specialized Repair and Restoration Coverage
Classic car insurance often includes specialized repair and restoration coverage. This means that in case of damage, your classic car can be entrusted to a repair shop with expertise in working on vintage vehicles. This specialized attention ensures that your beloved car is restored to its original, pristine condition, preserving its historical and investment value.
Schedule A Consultation Today
There are many differences between regular auto insurance and classic car insurance. If you’re looking for a new policy in the greater Dover, NH area, call Gateway Property & Casualty to obtain an estimate today.
