Owning a classic car is the ultimate goal of any automobile enthusiast. Once you have made the purchase, the next step is to protect your investment with some form of classic car insurance. The goal is to ensure many years of fun and enjoyment with your automobile.
Classic car insurance does differ from standard automobile insurance as the vehicle under protection will not be driven regularly by the owner. This allows the policyholder to put restrictions on where and how many miles the classic car can be driven. In most cases, the longest drive by the vehicle is a holiday parade route each year.
A traditional car insurance policy cannot offer the protection required by these older automobiles. The goal of classic car insurance is keeping the vehicle well-maintained and sheltered to protect the value of the automobile. The first order of business is determining the value of the car before discussing the terms of the insurance policy.
Often, classic cars increase in value over time, while common-used automobiles decrease in value due to their daily usage. Thus, it's essential to distinguish the agreed value of a classic car over the actual value of a standard vehicle. This comes in handy if the vehicle is severely damaged as classic car insurance policyholders will receive the automobile's agreed worth. If you place your classic car on a standard automobile insurance policy, you will be lucky to gain the original purchase price on the vehicle.
The actual cash value is determined by subtracting the replacement cost with the depreciation of the vehicle as this dollar figure is found on most standard car insurance policies. Classic car owners love the value, but there are strict guidelines to follow to be defined as a classic car. The definition of a classic car in the state of Georgia is that the vehicle has to be 15 years or older. Most insurance providers like The Sanford Group in Ball Ground, GA, will request actual proof of the car's value from a designated appraiser.
Most insurance providers will require classic car policyholders to have a clean driving record that is free of any significant accidents, ten or more driving years experience, no teenage drivers on the classic car insurance policy, the car must be stored in a secured garage, proof of another vehicle is your daily transportation resource and limited mileage agreement placed on the vehicle. If a person doesn't meet these high standards, most likely, their classic car insurance policy will be denied.
The Sanford Group in Ball Ground, GA has a dedicated staff that provides the experience needed to gain a classic car insurance policy that satisfies all of a customer's needs. This is accomplished by educating them on coverage, which hopefully opens their eyes as to why this is a substantial investment.