What Are The Different Types of Classic Car Coverage?

The city of Glen Allen, VA recognizes a vehicle as a classic, antique, or vintage motor car when it is more than 25 model years old. Although these vehicles are driven less frequently than a standard passenger car, they are still required to be insured with minimum liability insurance. Because classic cars are treated differently, Everett Insurance has put together this guide to classic car coverage options. 

Agreed Value Plans

Classic cars typically won’t lose value as they age. This means they are not subject to deprecation. An agreed value plan pays out the amount the vehicle was worth when this policy was signed if the vehicle is totaled, regardless of how much time has passed.

Spare Parts Plans

The older a vehicle is, the harder it is to find back up parts. A spare parts plan provides these parts in the event they are damaged or stolen. 

Tiered Mileage Plans

When a classic car is not your primary vehicle, you can opt for a tiered mileage plan. By agreeing to limit the number of miles put on the vehicle every year, you may pay a lower overall rate or avoid a deductible. Rates are determined by the insurance provider.

Auto Show Plans

If you plan to display an antique car at an auto show, these plans are an excellent choice. Medical plans can be especially useful in the event someone injures themselves at an exhibit your car is featured in. 

Worldwide Coverage Plans

The standard insurance policy limits coverage within the United States. If you plan to take your classic vehicle out of the country, worldwide coverage is an important option to have. 

Remember, even classic cars are subject to an uninsured motor vehicle fee in Glen Allen, VA. Let Everett Insurance make sure you’re covered today!