Puzzled by classic car insurance in Amityville, NY? You are not alone because most people have difficulties differentiating this coverage from standard auto insurance. So, if you have a 1969 Chevy Camaro or 1964 Ford Mustang, you must understand how classic car insurance operates to protect your prized toy. Acme Insurance Brokerage has prepared a FAQs section to shed more light on classic car insurance.
What is classic car insurance?
While standard auto insurance can protect your classic, it won’t offer full value when you suffer a total loss. Classic car insurance is an insurance plan specifically designed to protect your classic or antique car when driving, exhibiting, or restoring your vehicle.
What is the agreed value, and why does it matter?
Typical standard auto insurance policies use the actual cash value to protect your car. Simply put, the insurer compensates you after knocking off depreciation from the value of your vehicle. But since classic cars maintain or appreciate in value, actual cash value can’t work. Agreed value works because you get your classic’s actual value (compensation) when totaled or stolen.
Is classic car insurance mandatory?
Your collector’s car is a vehicle and poses the same risks, just like your conventional automobile. So, yes, classic car insurance is mandatory in New York and other states. To legally drive your classic car in New York, you must at least invest in the state-required liability coverage.
Is classic car insurance expensive?
Unlike a popular misconception, classic car insurance is surprisingly affordable. Because you don’t drive your classic or exotic car every day, the risk exposure is minimal, translating to affordable premiums.
Where can I purchase classic car insurance?
If you are in Amityville, NY and its environs, you don’t have to work extra hard to purchase a salient classic car insurance policy that protects your memories and heritage. All you need to do is contact Acme Insurance Brokerage, and we will guide you from there.