People put more than just money into restoring classic cars. They put their heart and soul into them. It is for this reason that repairing damages to a classic car that has been involved in a car accident are a little bit more complicated and involved than your run of the mill property damage matter.
How are damages handled when it comes to classic cars? We have asked attorney, Alaina Sullivan, about what you should do. Here is what she had to say:
Why Are They Different?
Classic or antique cars are generally defined as those that are 25 years or older. When you get into an accident in your normal vehicle, while you may hold some sentimental value and attachment to your car, replacing it is fairly simple. You go to the dealer and purchase a similar vehicle.
The same goes for repairing the car. If a specific exterior part is damaged, it can be easy to order the replacement piece from the manufacturer. Classic cars, on the other hand, are not so easy to replace or repair. For one, the parts are mostly completely out of production.
Finding just the right part can take a lot of searching and may end up being fruitless. Similarly, you cannot simply go out and purchase another car just like the restored, classic model you were driving. Expenses and time are different, and it is for this reason that classic car insurance exists.
Classic Car Insurance
Compared to regular car insurance, classic car insurance tends to be cheaper. It is because you are not driving the car as often as you would your everyday vehicle. In fact, many insurance policies will put a limit on how much you drive your classic car.
In addition, the valuation of the vehicle differs, which will be discussed in more detail below. Depending on how you value your car, if you total your classic car, you should expect to get what the car is worth more than what it would cost to replace it, because, after all, classic cars are often considered irreplaceable.
Valuing your Classic Car Policy
Before deciding on a policy, you need to be aware of the different values that are considered in classic car insurance policies. The actual cash value is what you would get with regular car insurance. It essentially is the replacement cost of the car minus the depreciation of the vehicle’s value.
The stated value is the value you tell the insurance company the car is worth. However, if you are using the stated value, keep in mind that the insurance company is taking your value for what you say it is.
It is for this reason that the premiums tend to be higher and deductibles higher as well. Most insurance companies will require some type of proof along with your stated value.
The most common way of valuing your classic car insurance is the agreed value. This amount is what you and the agent have come to an agreement on as to the car’s worth. When the agreed value is used to value the car, normally no deductible is needed or at least a really low deductible.
Factors Considered
Several other factors go into calculating the policy for your classic car. Insurance providers will typically want you to have a driving record with no major incidents, as well as driving experience of ten years or more. The insurance provider will want to make sure that you do not add teenage drivers to the policy or other drivers who have poor records.
In terms of keeping the car safe, your provider will want to receive assurance that you are storing your car in a secure facility or garage, safe from the elements. In addition, they will want some proof that you are limiting the mileage of your car and that you will be driving a different car for your daily transportation.
Not meeting these requirements can keep you from receiving your classic car insurance policy or can change the amount of coverage you do receive.
Contact an Attorney Today
If you have been in a car accident while driving your classic car and you have question about how to properly pursue damages, it is always recommended you contact an attorney today to discuss your case if you do not currently have a lawyer or have any questions.
A licensed personal injury attorney will be able to evaluate your case and determine if you have a claim against the other party’s insurance company. To receive the compensation for your medical bills, property damages, and pain and suffering, you should speak with a personal injury attorney in your area today.
