Congratulations! You just bought your first classic car in Dallas, TX and want to protect it with a policy from Eichelmann Insurance Agency. However, first you need to know how classic car insurance works.
Agreed Value vs. Replacement Value
Your standard auto insurance policy on your daily driver uses the current market value of the vehicle to determine your monthly payment and how much it is worth after an accident. Your classic car has an intangible value added to it through restoration, minimal use, and a variety of upgrades. You need an agreed value policy that will pay you the actual value of the restored vehicle, not one that has been on the road constantly for 50 years.
An Appraisal can Help with Added Protection
Even the classic car market has an average value for a 1966 Mustang in pristine condition. If yours is all original condition with only a few hundred miles on it and in the desired trim package, you will want to make sure that it is fully protected. You may need an independent appraiser to provide a revised value so that you can come to an agreement with your insurance company.
Look at the Mileage Usage Section
You can save a little cash on your premium for your classic car by stipulating how much it will be on the road. If your beauty is truly a trailer queen, you can place a mileage limit on the policy which can lower your premium. However, if you love to go cruising all summer long with the top down, make sure you have the additional coverage needed just in case something goes wrong.
For more information on classic car insurance in Dallas, TX, give your agent a call at Eichelmann Insurance Agency today.