Key Factors When Considering Classic Car Insurance

For some folks, collecting classic cars is practically a way of life. Of course, classic cars can be quite expensive, and as a result, they’re serious investments. If a classic car should be damaged or stolen, it could cost owners a lot of their wealth. Fortunately, collectors can take out classic car insurance. If you’re considering insurance options, contact Meiners Insurance, serving the greater Avon Lake, OH community.

For now, let’s look at some key considerations when considering classic car insurance:

How Valuable Is the Vehicle?

This is perhaps the most obvious question. As values increase, so too do risks. If a 10-year-old family sedan worth $10,000 is destroyed in a tornado, the family loses $10,000 of their wealth. If a muscle car worth $100,000 gets destroyed, that family is out $100,000. The more valuable a car is, the greater the need for classic car insurance.

How Often Do You Plan to Drive Your Car?

The more time a car spends on the road, the more likely it will be damaged. If you keep your classic car in a garage or warehouse, the risks may be rather low. Likewise, you might normally leave your car parked but may take it to the occasional classic car show or use it for a quick road trip.

Whatever your use case, it’s important to consider how much time your car will spend on the road.

What Are the Biggest Risks in Your Area?

If you live in Arizona, you likely won’t have to worry about hurricanes. If you live in a flood zone in Mississippi, you may have to worry about hurricanes and flooding caused by other events. Likewise, you might live in an area with a high crime rate. If so, your car could get stolen or damaged.

The above list is far from exhaustive, and your classic car may be exposed to a variety of other threats. Fortunately, it’s possible to mitigate risks with a classic car insurance policy. Of course, different policies will cover and exclude different things, so make sure you read the fine print.

We Are Here To Help

Have questions regarding classic car insurance? Contact Meiners Insurance in Avon Lake, OH – we will be happy to help.