Classic cars are more than just vehicles; they are pieces of history and culture that require specialized insurance coverage. While owning a classic car can be a dream come true, it’s important to avoid making costly mistakes when purchasing insurance for your prized possession. In this article, we will discuss the five mistakes you can’t make when you purchase classic car insurance for your vintage car.

Mistake #1: Not Obtaining Agreed Value Coverage

One of the biggest mistakes classic car owners make when purchasing insurance is not obtaining agreed value coverage. Unlike standard car insurance, which reimburses you for the actual cash value of the vehicle at the time of loss, agreed value coverage guarantees that you will receive the full value of the vehicle as agreed upon by you and the insurance company when you purchase the policy. This is especially important for classic cars, as their value can appreciate over time.

Mistake #2: Failing to Clearly Identify Vehicle Modifications

If your classic car has any modifications, such as custom paint or engine upgrades, it’s important to clearly identify them and the associated parts and labor costs when purchasing insurance. Failure to do so may result in inadequate coverage in the event of a loss.

Mistake #3: Ignoring Driving Restrictions

Most classic car insurance policies have driving restrictions, such as a limit on the number of miles you can drive per year or restrictions on the type of driving allowed. It’s important to understand and follow these restrictions carefully, as violating them may result in a claim being denied.  However, if you need more flexibility, there are specialty carriers that allow more flexible driving for uses like occasional driving to work as long as the total driving miles are within the limits set by the carriers.

Mistake #4: Not Obtaining Robust Coverage

Just because you drive your classic car less than your daily driver doesn’t mean you should skimp on insurance coverage. In fact, it’s important to obtain robust coverage, including significant liability limits and uninsured/underinsured motorist coverage, to ensure that you are fully protected in the event of an accident.

Mistake #5: Not Getting Roadside Assistance with Special Coverage for Flatbed Towing

Towing your classic car improperly can result in significant damage, which is why it’s important to obtain roadside assistance with special coverage for flatbed towing. This will give you peace of mind knowing that your collector vehicle is in good hands if it needs to be towed.

Bonus Mistake: Not Paying Attention to Storage Requirements

Finally, it’s important to pay close attention to the storage requirements for your classic car. Many insurance policies require that the vehicle be stored in an enclosed, locked garage, and some even require a central alarm system to be extended to the garage for added security. Failing to comply with these requirements may result in a claim being denied.  Working with a specialty insurer who understands collector vehicles is essential. Notable Risk can help you avoid these common mistakes and get the coverage you need for your classic car. We are committed to providing our clients with personalized insurance solutions tailored to their unique needs. Don’t make these mistakes that you can’t restore when you purchase classic-car insurance. Contact us today to build dependable coverage.

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