The definition of “classic” and “antique” vehicles may vary from one state to the next, depending on the organization verifying the distinction of your vehicle. Verifications can be made by a car club, insurance company or your local DMV.
Most states consider vehicles over 15 old that have enough historic interest to make them collectibles as classic vehicles. In Texas, the DMV will issue classic license plates to vehicles over 25 years old that meet this description.
If you’re wondering if your older vehicle is a classic and qualifies for classic insurance, talk to an agent from Eichelmann Insurance Agency in Richardson, TX. We will help you determine your vehicle’s distinction and help you obtain the insurance protection you need. Here are some of the basics you should know about classic car insurance.
Guidelines for Classic Car Insurance
In addition to age, there are guidelines vehicles need to meet to qualify for classic car insurance. These guidelines include:
- Vehicle cannot be driven over a certain amount of miles annually
- Vehicle must be maintained in mint condition with restorations being made when necessary
- Vehicle must be stored in an enclosed location to protect it from the elements and theft when not in use
Obtaining Classic Car Insurance
Classic car insurance is generally less expensive than ordinary auto insurance as classic vehicles are driven less and owners take great pains to take care of their investment.
To obtain classic car insurance, you’ll need to have your vehicle appraised by a professional to determine its “agreed value.” This is the amount for which your vehicle will be insured. If it’s damaged, stolen or totally destroyed in a covered peril, you will be reimbursed this amount as agreed upon in advance by you and your insurer.
To learn more about insurance protection for your treasured classic vehicle, contact Eichelmann Insurance Agency in Richardson, TX.