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At Agency Advantage Insurance, West Bloomfield, MI, we value classic cars differently. For your car to even qualify as a classic car, it must fall into at least, one of the following categories.
Categories of classic cars
First category: They are antique cars. They are at least 25 years old, and they are still in good working condition.
Second category: These are cars whose models are no longer in production and have been restored to high value and good working condition. They can also be about 20 years old or more.
Third category: This category is for cars that have been modified and they are now much different from other vehicles of the same models. The modifications are usually upgrades. For instance, its original engine may have been changed to a higher capacity engine for greater speed.
You need to understand that these are just guides and the criteria for assessing classic cars differ from one agency to the other. So, it is advisable to bring your purported classic car to us first.
Coverage considerations for classic cars
We believe that your classic car is not primarily meant for transportation. It is either meant for showing off or for car racing. So, we may put a mileage limit to our coverage. In other words, we expect you to have another car for transportation and not your classic car.
Also, we believe that classic cars don’t depreciate in value. Rather, their values keep increasing. So, if your regular car is totaled after 3 years of you, we will deduct the 3-year depreciation from its value. But for your classic car, we will pay you the amount that has been agreed upon.
Classic cars enjoy worldwide coverage. While the coverage of your regular car is restricted to Michigan or the United States, the coverage on classic cars is usually worldwide because it is expected that you will be shipping your classic car to different auto fairs in different countries.
For more information on classic car insurance, you can contact us at Agency Advantage Insurance, West Bloomfield, MI
