Classic Car Insurance in Bedford, NH
Classic cars are typically unique and well maintained vehicles that are truly special. Whether displayed at a car show or out for a Sunday drive, a classic auto is a special sight. For owners, these vehicles represent an investment of time, money and love that should be protected. Traditional car insurance is simply not designed to protect the value and customization of a class car. Instead, you need a specialized classic car insurance policy to cover your investment in case of an accident.
Basics of Bedford Classic & Antique Car Insurance
When insuring your car, it’s important to know what qualifies as a classic car, to determine if you need specialized classic car insurance coverage. Typically, a classic car is defined as being more than 10 years old, produced in a limited quantity, or is otherwise rare. Antique autos are typically more than 25 years old and fully restored or in the process of being restored. Classic or collectible cars typically increase in value over time, rather than depreciate.
Typical Classic Car Insurance Requirements
Not everyone can purchase a collector car insurance policy even if you have an older or unique vehicle. Most insurance companies who specialize in classic car and antique auto policies have strict requirements that must be met to ensure your vehicle not only qualifies for a policy, but is also covered should a claim occur. Requirements vary by company, but some of the more common requirements can include:
- Stored inside
- Photographs of vehicle on all four sides
- Written, professional appraisal
- Limited mileage
- Limited usage
- Access to alternate transportation
Why Can't I just Add My Bedford Antique Auto onto My Personal Auto Policy?
The biggest difference between a standard auto policy and a typical classic car policy is how a claim would be settled. Most car insurance companies pay a claim based on the actual cash value of your vehicle (ACV) which is the replacement cost less depreciation. Many collector car policies will pay a claim based on agreed value. The agreed value is determined by you and approved by the company before a claim happens. This coverage is critical given many collector and antique cars increase in value over time, unlike most other vehicles that only lose value. It is also a good idea to periodically reassess your vehicle's value and keep all receipts. This will help ensure that you always have appropriate coverage. If you put your classic car on a standard auto policy you are risking a huge gap in coverage!
What else Can My Bedford Classic Car Insurance Cover?
If you plan on taking your classic auto out on the open road, you should ensure you have not only coverage for the vehicle itself, but also liability coverage in case another party is injured because of your vehicle. Though car insurance is not required in NH, it is in most other states. If you could not prove that you had a policy which included liability, you could be subject to the fines and penalties of that state for not having insurance, regardless of where you reside.
Classic car coverage can have many of the same basic options as a traditional policy, including:
- Medical payments coverage
- Property damage liability
- Uninsured/underinsured motorist coverage
- Collision insurance
- Comprehensive insurance
The beauty of a classic car policy is that it can be as customized as your collector vehicle and really designed to fit your needs.
Owning a classic car is an investment. Before taking your car out on Bedford streets, a car show, or parade, make sure you have protected your rare vehicle with appropriate insurance. Classic car insurance can provide the specialized protections that classic autos require.
Why HPM Insurance:
HPM Insurance has an office conveniently located in Bedford and Amherst, NH. We have been protecting the classic and antique cards in New Hampshire for generations. Our team understands that your classic car is not just a vehicle but a passion and we will work with you to build a policy that meets your needs and budget.
Three Reasons to Contact HPM Insurance:
- Before you go to another car show or take the car out for a Sunday drive, make sure you have the right insurance on it.
- We have access to numerous insurance companies that specialize in classic and antique car insurance - not just one!
- Enter your zip code above and we will get in touch with you to show you on how to best insure your classic or antique car. The quote is free with no obligation.