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.
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.
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.