If you have a classic, vintage or collector car, getting insurance coverage for it can be a hassle. But one auto insurance company, GEICO, has decided to bring back coverage for these often-priceless vehicles due to customer demand. Now, getting auto insurance for classic cars is not only easy to do, but you may be able to keep all your auto coverage under the same roof.
Making the announcement recently, GEICO said that its decision was prompted by long-time policyholders who expressed an interest in having the coverage, which GEICO previously offered, reinstated.
What’s different about classic car coverage compared to insurance that covers regular cars? There are several important differences that make sense:
Your classic car isn’t a daily driver that you need to get repaired to get back on the road following an accident. You have a financial investment – which may be considerable – in your classic car that you want to protect. And a classic car has issues that are vastly different than a late-model car, such as parts that are almost impossible to find. You need coverage that can take care of your classic car’s needs.
Customers choose agreed-value coverage. The customer and the insurer agree upon the value of the car. In the event of a total loss, that is the amount that is paid out. This means there’s no question about how much your classic car is worth at the time of a claim for total loss. There is no depreciation of value.
There’s no need for an appraisal.
Other features of classic car insurance include coverage for lost or stolen parts, towing services, transportation and lodging expenses if your vehicle becomes disabled more than 15 miles from home, and coverage in the event your pet is injured in an accident involving your classic or collector car.
How Do You Know If Your Car is a Classic, Vintage or Collector Car?
This may seem obvious, but it’s worth stating, if for no other reason than to explain the value of considering classic car insurance to protect your investment.
In essence, your car is a classic if it is a restored 1967 Camaro SS, a “modern” classic such as a 2003 “Anniversary Edition”, even a classic military vehicle, fire truck, hearse, amphicar, and so on.
Learn more about GEICO classic car and collector car insurance here. To obtain a quote, go to the GEICO portfolio Get a Quote page and get started. Note that the quote site is owned by American Modern Insurance Group, not GEICO. Classic car insurance is written through American Modern Insurance Group and American Collectors Insurance and is secured by the GEICO Insurance Agency, Inc.