If you’re a business owner in North Carolina and you drive a classic car, you may be wondering if you can obtain classic car insurance. The short answer is yes. However, whether a specialized classic car policy is appropriate will depend on how your vehicle is owned and used on a regular basis. At Lee Insurance Agency LLC, we’ll help you determine if classic car insurance is right for you and your business.
When Classic Car Insurance Makes Sense
- Your vehicle is owned by the business: Your insurance company should know that the business, rather than you as an individual, owns the vehicle.
- The car is a collector: Classic car policies typically assume limited use rather than daily commuting and/or business transportation.
- Well-maintained: Some insurance providers may have requirements that involve mileage, condition, security, and/or storage.
- Value: If your classic car is high-value, agreed-value coverage can be helpful for qualifying vehicles because the insured value is established when the policy is first written.
Business Usage
If you or an employee routinely drives your classic car for customer visits, deliveries, commuting, and other business activities, a standard policy (commercial auto) may work. Businesses should also consider the following when protecting a classic car:
- Commercial auto liability
- Comprehensive and collision coverage
- Roadside assistance
- Agreed-value or stated-value options
- Coverage for specialized parts and/or restoration
- Umbrella liability coverage
Understanding classic car insurance and business insurance is essential if you’re a business owner who has a classic car of your own. When you’re informed of your options, finding the best policy is much easier to do, regardless of how you use and operate your classic car. To learn more about your options when it comes to protecting a classic car as a business owner in North Carolina, contact Lee Insurance Agency LLC today.
