What is a classic car and how to insure it?

What is a classic car and how to insure it? Recently, news broke of a 1951 Mercury selling for $1.95 million at auction in Kissimmee, Florida. The fact that a 70-year-old car can fetch such a price is an indication that helps us understand the world of classic cars. But, for those who don’t understand, we define what a classic car is.

In Florida, a classic car is considered to be a vehicle that is over 30 years old, that has been maintained and restored according to the original manufacturer’s specifications.

These rolling jewels, how are they secured?
Unlike a current vehicle, which, to determine the price of the insurance premium, takes into account the mileage, the brand, and the date of manufacture, in the case of classic cars, the price of the insurance is agreed with the owner, through the “stated value” or declared value. That is, the owner is the one who indicates the price, accompanying it with the corresponding documentation.

However, insurers may require certain restrictions on the use of an insured classic vehicle. Many companies do not allow certain classic cars to be used every day for commuting. They even require that they be stored in well-protected garages. With so many restrictions, it’s no wonder classic car insurance policies are often cheaper than those on a current vehicle.

But what does a classic car policy cover?
Classic car insurance provides comprehensive -comprehensive- and collision coverage. If the car is stolen or declared a total loss, the owner will receive the agreed value, less the deductible. Many insurers cover repairs with original parts, civil liability damages, and roadside assistance.

What is a classic car and how to insure it?
If you want to insure your classic car, call Univista Insurance and you will get coverage tailored to your rolling jewel.

Call us today for a full qualification! (305) 508-9575. You can also quote for free here.