Classic cars differ from traditional automobiles and as a result, require different insurance coverage. There are two primary variations that distinguish classic car insurance from a standard auto policy. The first variance is how the cars are valued. A standard auto policy uses actual cash value, which reflects depreciation over time. On the other hand, with classic car insurance, an agreed value is determined at the onset of coverage and that amount is guaranteed to be paid in the event of a claim; no lower value or depreciation is considered.
As a trade-off for rates that can be as much as 60 percent lower than standard auto premiums depending on the insurance company, most classic car insurance providers set two limitations on the classic vehicle’s use. One is that the car must be stored in a fully enclosed area, and the other is a yearly mileage cap. Mileage caps typically range from 2,500 to 5,000 miles per year. Insurance providers may set their own specific limitations as well, such as a minimum age restriction.
At Maloney Associates Insurance, our independent agents have developed long-term relationships with a broad scope of underwriters, which means we will work with the different insurance companies we represent to craft the best classic car insurance coverage at the lowest possible rate. Whether you have been collecting classic cars for years or just purchased that dream car today, you can rely on Maloney Associates with locations in Hanover, Manchester, New London, and Orford, NH to help you secure the right coverage for your New Hampshire, Vermont or other New England state classic car today. To get a free quote for classic car insurance please call us today at 603-277-9500 or click below to submit our online quote request form.