You may have purchased a fabulous older vehicle that you love and want to protect. You may have purchased what others considered an old junker, but you restored it to its original pristine glory because you are just that talented of a mechanic and bodywork artist. Depending on its age, you might need to purchase classic car insurance for it from Lee Insurance Agency LLC of North Carolina.
Obtaining classic car insurance means you buy a policy with an enhanced replacement value that limits the mileage you can put on the vehicle annually. Typically, this limits you to 1,000 driving miles per year.
Classic car insurance policies use agreed-upon value coverage. That provides you with the amount you would receive if your vehicle got totaled in an accident. This amount is based on an appraisal of the vehicle conducted at the time you obtain coverage. You can opt for a cash settlement option which lets you use the money obtained if the vehicle gets totaled or stolen any way you want.
The classic car policy will also cover items like you driving the vehicle in parades or showing it at car shows. The car show component also includes medical coverage in case someone becomes injured while using or interacting with your vehicle.
The same policies cover an expert mechanic who specializes in classic or exotic vehicles. You also get spare parts coverage so if your car incurs damage or a thief steals a part off of it, the replacement part is covered. This means an original part, so your classic remains a classic. Your insurance will cover OEM parts only.
Not all cars qualify for classic car insurance. Age provides one valuation criteria, but increased value over time provides another. Rarity provides the final component.
You can purchase add-ons for your policy that increase the replacement value. Otherwise, you would pay the difference out of pocket in the case of an accident.
These policies also cover roadside assistance and a no attendance required component. That protects your vehicle at a car show when you must step away from it. You have to go to the bathroom or get something to eat sometime.
Contact Lee Insurance Agency LLC serving North Carolina to learn more or obtain a classic car policy for your vintage vehicle.