If you own a Classic Car, it is usually not your main means of transportation. You own it because you love it, it is a hobby of yours, or you are thinking about making a business out of it sometimes to drive people to special occasions. So if it is only driven now and again, what type of insurance coverage do you need for your classic car?
FB Taylor Insurance agency in Nederland, TX, recommends that Classic Car coverage is tailored to your unique circumstances to ensure your treasured investment is protected for its full value. It would be best to have full peace of mind and freedom to enjoy it out on the road.
First, your vehicle should have comprehensive coverage required of all road users to protect against specific events like liability, collisions, damage through vandalism or accidental dents, and theft.
You should ensure your Classic Car for an Agreed Value Coverage. Since Classic Cars provide more value than their actual cash value amount that applies to newer, everyday cars, you need to settle a specific guaranteed payout amount with the insurance company. To ensure a fair amount, you can consult an industry-recognized valuation guide or have the car appraised by an independent evaluator. The important aspect of the Agreed Value Coverage is that it represents the full guaranteed value amount and is not subject to depreciation.
The last important part of the policy should state whether the car will be used privately or occasionally hired out for special functions. If that is the case, make sure that your policy is tailored to cover what you need.
If you are in Nederland, TX, the friendly FB Taylor Insurance brokers can help you choose policy options to ensure it provides complete coverage without paying for extra that you don’t need.