Buying auto insurance for your classic car may not be the first thing on your mind when you first begin collecting and restoring these types of automobiles, but insurance is very important. There is no doubt that the time and money that you put into restoring your classic car can amount to a major investment, and you will want to protect that investment.

Most people believe that their homeowner’s insurance will cover any losses incurred due to theft or fire or damage to their automobile, but the fact is that your homeowner’s insurance is not likely to cover your vehicle. If you decide to drive your car, or transport it to car shows, your homeowner insurance will probably not cover you in the event of an accident, or some other type of damage to the car.

In addition to the risk of accidents while driving or transporting your vehicle, there is always the possibility of your car incurring damage due to some type of natural disaster, such as floods or earthquakes. Most homeowner’s insurance policies don’t cover auto loss or damage in the event of a natural disaster.

There are many insurance companies that do offer policies to protect your investment, and in most cases these policies will provide you more coverage than your homeowner insurance. Aside from the obvious extra coverage, if you drive your car at all there is also the fact that the law requires you to have auto insurance coverage.

Before you buy a policy you will want to ensure that it offers you sufficient coverage to protect your investment. The law usually only requires that you have liability insurance, but you will want more coverage than what is offered in a liability policy.

Most insurance companies will evaluate the risk of a classic car at a type of general or standard value. A 72 Chevelle is not the same as a “restored and modified” 72 Chevelle because frankly they differ in value. An insurance company is not likely to pay the actual value of a restored car in the event of a crash or theft unless you have a policy that specifically names the value of the car.

In order to get a policy that has a specified value, you will need to do a couple of things. First, it will require a survey or an appraisal by a certified appraiser. Usually the company willing to offer such a policy will give you a list of certified inspectors. Second, you should expect to pay more because the risk is greater. Because the insurance company’s risk increases, plan on paying more for the specialized coverage.

Call Steve at 801-Allstate which is 801-255-7828 to find which typ eof policy is most appropriate for your classic car.

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