Classic Car Insurance
Being a proud owner of a classic car, you need the right insurance policy to protect your investment. Coverage is required in the event of your classic car being stolen or vandalized. Marvin Sledge Insurance Agency, Inc. of Chicago, IL has the right knowledge of the insurance industry that will keep your vintage automobile safe and secured.
What Is The Criteria For a Classic Car
The definition of a "classic car" differs between each owner. Often, many rely on the criteria offered by a local car club or the Illinois Department of Motor Vehicle. Usually, a car must be at least 25 years old, but some vehicles fall under this category because they have a rare design or are a part of a limited-edition series. Other models are considered classic cars because they hold a historical value that proves them worthy to be preserved and restored.
The Benefits of Classic Car Insurance
Classic cars are prized possessions that need to be cared for with great caution by the owner. Primarily, a classic car should only be seen at local exhibition shows or club events throughout Illinois. Plus, they must be stored in a fully enclosed parking structure at all times.
Usually, you can have a stipulation in your insurance policy that allows for an occasional weekend drive without any fixed mileage restrictions. However, it's wise to refrain from using your classic car as a regular automobile because it's insurance status will change. That means having a depreciation value on the automobile because of its excessive use.
A classic car insurance policy will pay full value in the event of theft or total loss of the automobile. Other policies might have an agreed-upon dollar amount or maximum set limit of the liability payment. The wording of the coverage gives the insurer an option of choosing the lower value in the final settlement agreement.
Marvin Sledge Insurance Agency, Inc. of Chicago, IL understands that a classic car is more than a standard automobile. We will assist you in gaining the right insurance policy that provides full protection to your classic car. Come on and speak with us today.