The major difference between classic car insurance and regular car insurance is of the value paid for the in case of a total loss situation. Classic car insurance works on Agreed Value, which means compensation, is of a pre-agreed value. The regular car insurance pays the Actual Cash Value or the Standard value, which means, either the depreciated value is paid or else the payment is up to a particular amount.
In case a classic car owner never drives the car on the road, the insurance offered is for the value of the car. For this, the owner needs to get the car appraised and submit it to the insurance company at the time of purchasing the policy.
If the car is left unattended by the car owner, even then the insurance company usually pays the claim. However, the claim will depend on the owner fulfilling all other garaging and driving requirements.
Garaging requirements make it mandatory for the owner, to store the vehicle in a completely enclosed and locked garage when the vehicle is not in use. Driving requirements include decent driving history of at least ten years. Further, the insured car must be at least fifteen years old to qualify for this program.
The classic car is generally more valuable than any other vehicle, driven on the road. Therefore, is advisable to get appropriate insurance for it for the owner?s peace of mind.
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