Classic Car Insurance in Texas
At Ross Insurance Agency in Waco, TX we offer classic car insurance in addition to standard auto insurance. Classic car insurance is a great way to protect the investment you've made in your classic vehicle. It does differ somewhat from standard insurance. Certain qualifications must be met, and there are differences in how the value of your vehicle is determined. Premiums are generally lower than standard auto insurance.
Is My Car a Classic Car?
General guidelines state that the car must be at least 15 years old with a value greater than $15,000. Some exotic or high-end cars may qualify as well, even if they are newer. Classic cars are not daily drivers. If you drive your car less than 3,500 miles a year, it might qualify as a classic car.
There are storage guidelines as well. It's preferred that you keep your classic in a garage or monitored storage facility. If your vehicle is under $50,000 you may be able to store it in your driveway. Carports or monitored parking garages are generally acceptable for cars up to $100,000 in value. In Texas, you must store your car at least 5 miles from the coast if storing in a carport and 50 miles from the coast if storing in your driveway.
Determining the Worth of Your Vehicle
Standard auto insurance will offer you a depreciated value for your vehicle in the event of a total loss. Classic car insurance normally uses an agreed-upon value. You and the insurance company determine the value of your vehicle at the time you take out the policy, and it remains the same as long as you have the insurance. This gives you greater protection on the investment you have in your vehicle.
Contact us at Ross insurance Agency in Waco, TX for more information about our classic car insurance. We will go into greater detail about the advantages of classic car insurance. We will be happy to work with you to determine if your car qualifies and get you the right policy for your needs.