If you are a classic car enthusiast living in Mechanicsburg, PA, you know that having the right insurance is essential. But when should you buy it? Our team of insurance experts at Grove Financial & Associates Inc. looks at both options.
Insuring Your Classic Car While It Is Being Restored
If your classic car is currently being restored, one option is to purchase an agreed-value policy. With this type of policy, you and the insurance company will agree on the value of the car before any restoration work begins and then insure it for that amount. This protects you in case something happens during the restoration process, and you have to pay more to repair it than was originally planned.
Insuring Your Classic Car After It Is Drivable
Once your classic car is registered as a collector vehicle and ready for use on the roads, there are several different types of classic car insurance policies to choose from. The most popular option among collectors tends to be an agreed value policy (also known as Stated Value or Valued Policy). Under this type of policy, both you and the insurer agree upon a specific value for the vehicle prior to insuring it – usually based on current market values – and then insuring it for that amount.
This protects against depreciation over time and prevents any surprises down the road if something happens, and you need to file a claim with the insurer.
Give Us A Call
Ultimately, however, having adequate protection from theft or damage is essential in Mechanicsburg, PA Still have questions? Contact Grove Financial & Associates Inc today. We are here to clear up any confusion.
