Why You need classic car insurance

If you own a classic car like 1970 Chevrolet Corvette or 1957 Ford Thunderbird, you may need classic car insurance from EasTex Insurance of Tyler, TX. Yes, it may not be your daily drive, but you still need car insurance. 

Then you may ask: Isn’t conventional car insurance sufficient? Traditional auto insurance is inadequate since classic cars appreciate while typical cars depreciate from the moment you drive off the lot. 

But why do I need classic car insurance, yet I rarely use it? Here are the answers.

Liability protection

The few days you are using your car, you can cause an accident that causes bodily injury or property damage to others. Thankfully, classic car insurance protects you against these liabilities even when you are sued.

 It protects your asset

Of course, you have bought or held on to your car for many years because you value it. As such, it makes sense to insure it against perils like theft, fire, hail, falling objects, and so on. 

But what value do I get compensation for when my car is totaled? Because your classic car appreciates instead of depreciating, you need to be aware of the below values:

  • Agreed value: It’s an advance payout amount you agree with your insurer. This predetermined value is what your insurance will pay when your car needs replacement.
  • Stated value: It’s the amount you will inform your insurer (with support of documentation, of course) that your car is worth. This will be the insured value of your car.

It’s required

Just like your typical car, Texas requires you to carry classic car insurance as long as you drive on public roads. Failure to show proof of auto insurance may subject you to numerous fines and penalties. Is it worth the risk, yet you can purchase affordable coverage from EasTex Insurance?

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Do you own a classic vehicle in Tyler, TX? Don’t hesitate to get in touch with EasTex Insurance to purchase affordable classic car insurance.

Exploring The Different Types Of Classic Car Insurance

EasTex Insurance serves the Tyler, TX community, as well as the surrounding areas. We help our clients find the coverage they need to protect themselves in the event of a catastrophe. We offer custom policies designed to meet the individual needs of our clients. We proudly assist the community as an independent insurance agency.

The Different Types Of Classic Car Insurance

Owning a classic car is a significant investment. A classic car is one of your most prized possessions. To earn classification, your vehicle should be at least 20 years old. Most importantly, you should only drive the car on special occasions. Normally, that means showing off your car at special car shows and conventions in Texas. To protect your asset, consider the benefits of classic car insurance.

Classic car insurance helps you maintain the value of your car. You are covered if your vehicle is stolen or vandalized. You are also covered if you are involved in a collision. Liability coverage protects your vehicle if you are ruled to be at fault for the collision. Here is a look at some different types of car insurance.

You can opt for antique coverage. For your vehicle to earn antique classification, it has to be over 30 years old and working in its original condition. If you add new parts to the vehicle, you’ll have to amend your policy to protect those items if they are damaged or stolen.

Similarly, you can opt for modified coverage that specifically protects any upgrades to your vehicle’s body and engine. It may be a good idea to have your vehicle appraised once you install these new parts. That way, you will have a clear idea of how valuable your classic car is currently.

EasTex Insurance Will Help You Protect Your Investment

Contact our office in Tyler, TX today to learn more information about classic car insurance.  

Is classic car insurance right for me?

If you are in the Tyler, TX area and have a passion for cars, there is a good chance that you would like to own a classic car. If you are looking to purchase a classic car here, you should spend time also thinking about your insurance needs. While getting a standard auto insurance policy may work in some situations, there are plenty of situations when getting a classic car insurance policy would be a good option. There are several reasons why getting classic car insurance could be a good option for you. 

You Want to Cover Full Value

One reason you will want to get a classic car insurance policy is that you want to cover the car’s value. A classic car is a unique type of car because it can appreciate in value greatly over time. Due to this, you will want to protect the true value of a car. When you get classic car insurance, you can negotiate the car’s replacement value with your insurance provider.

You Want Liability Insurance that Reflects Risk

It would help if you also considered getting a classic car insurance policy to get a liability policy that reflects your actual driving risk. If you are going to buy a classic car, there is a good chance that you will drive it infrequently. While you are required by law to have liability insurance, you can have a premium based on the amount you actually drive, with a classic car policy, which could reduce your costs.

As you are looking for classic car insurance in Tyler, TX, you should call EasTex Insurance. The team at EasTex Insurance can give you the guidance you need to pick a policy. This will ensure that you continue to receive the proper protection. 

Why Get Classic Car Insurance Instead of Automotive Insurance?

Understanding Classic Car Insurance

When it comes to insuring a car in Texas, you are only required to carry the minimum amount of protection. This is often okay for many vehicles, but classic cars are a different story. Protecting one should mean special considerations, such as the car’s value, special needs during transportation, and the cost of repairs or restoration in order to retain the value.

Difference Between Classic Car and Automotive Insurance

There are some significant differences to consider when deciding between traditional automotive and classic car insurance. Traditional automotive insurance typically does not offer enough coverage since it only provides coverage up to the depreciated value of the car- not your vehicle specifically but of that make and model of car.

Classic cars, however, are more of an investment. They do not usually depreciate over time because the owner has put time and money into it. Most of them are restored to their original look and operations, so the value appreciates. If the insurance company is going by the average depreciated value, they are not taking into account the work the owner has done or how much your classic car is actually worth.

Due to the value of your classic car, repairs and restoration are usually going to cost more than a regular car, so your insurance coverage needs to be able to cover the higher costs- something traditional auto insurance does not do.

Transportation costs must also be considered. Classic cars need to be towed with care to retain their value and decrease the risk of additional problems. Traditional automotive insurance does not cover specialized towing, but classic car insurance does.

At EasTex Insurance of Tyler, TX, we know that your car is your baby, and babies deserve extra care and attention. Let us help you give it to them.

Rates and levels of protection can vary according to your precise vehicle and your insurance goals. Stop by or give EasTex Insurance a call to a classic car insurance quote and just what protections we can provide.

What are the benefits of getting classic car insurance

While most people in the Tyler, TX area will own a car and consider it a mode of transportation used to get from A to B, other people may have an interest in the history of vehicles. They may desire to own a classic car themselves. When you buy a classic car, you are not only getting a vehicle that can be driven, but you are purchasing a vehicle that could appreciate. Due to this, getting classic car insurance would be a great option. 

Protects Value

One reason to get classic car insurance is that it can help to preserve the value of your car. When you enter into a classic car insurance policy, you will enter into an agreed-upon replacement value of the car, which differs from standard car insurance policies. Doing this will allow you to protect the unique value that comes with some classic cars.

Liability Coverage

Another reason that you will need classic car insurance is that it can provide you with liability coverage. Similar to when you are driving any other type of car, you need to have liability insurance when operating a classic car. This will ensure that you comply with state laws and are covered if you are at fault in an accident. 

There are many reasons why you should get classic car insurance if you have a classic car in the Tyler, TX area. Since there is some complexity with this type of coverage, you should work with a team that is well aware of how this type of insurance works. The team at EasTex Insurance can help you acquire a quality classic car insurance policy that meets your needs. EasTex Insurance will also explain how this type of insurance works, which will allow you to choose the right plan for your situation.