You’ve worked hard to restore your classic car or truck. However, if you’re relying on basic auto insurance, you could be missing out. Here’s what our Allen & Associates Insurance Inc. team wants Albany, OR residents to know about how classic car insurance is different than regular insurance.

Classic Car Insurance vs. Auto Insurance

Classic car insurance is technically a kind of auto insurance. It still includes liability coverage, and you can still get comprehensive and collision insurance. However, the biggest difference is how the vehicle is rated in terms of the auto value.

For example, if you have a restored 1967 Corvette and you get into an accident with regular insurance, you’ll likely only receive a small amount of the value. Classic car insurance, however, goes off of the market value for that particular vehicle amongst collectors. With this type of policy, you could get considerations of the full value, including any modifications or restorations you’ve made.

Is Your Car a Classic or an Antique?

There are also age guidelines that determine whether a vehicle is standard, classic, or antique. Generally, classic defines anything that is ten to twenty-five years old or has a substantial unique interest, like a muscle car. Antique is anything over twenty-five years old.

Cost of Classic Car Insurance

Overall premium cost is another area where classic car insurance is different from regular auto insurance. Why? Well, it all comes down to risk. Classic cars are usually parked in a garage and not out on the road like a daily driver. The car you drive to and from work has a greater chance of getting into an accident than one that is parked safely in storage; thus, the insurance cost for a regular vehicle is often higher.

Do you have a classic vehicle that you would like to insure in Albany, OR? Please give our Allen & Associates Insurance Inc. team a call today to schedule an appointment.