If you’re interested in getting Oklahoma car insurance, you might come across policies that specifically focus on classic car insurance. But what exactly is classic car insurance, and how does it differ from regular car insurance? In order to help answer that question, this guide will look at the specifics of classic car coverage, so that you’ll be fully prepared the next time you’re on the lookout for Oklahoma car insurance.
The Difference Between a Classic Car and an Antique Car
Although you might use the terms interchangeably in a regular conversation, there’s actually an important distinction between classic cars and antique cars, at least as far as car insurance policies are concerned. Put simply, an antique car is any car in the United States that is at least 25 years old. By contrast, a classic car is one that is fairly older than current models and holds some sort of historical value as a collectible. Since there is a fine distinction between the two types of cars, there are specific policies that reflect this difference.
Determining the Car’s Value
Classic car policies guarantee an amount of coverage up to the agreed upon value of the car. Since this value must be agreed upon between the insurance provider and the customer, there are a number of ways in which the two parties can reach an agreement. One of the most common ways of determining a classic car’s “value” is to get an appraisal from a respected professional in the industry, or to simply use a car valuation guide. This is considerably different than the process used for regular cars, which actually drop in value over time as a result of general wear and tear. Since classic cars are expected to be well taken care of, their value is expected to instead increase over time.
As with most other car insurance policies, classic car coverage applies to virtually all aspects of the vehicle, with some leeway depending on the specific options as provided by your insurance company. This means you can expect your classic car to have liability coverage, collision coverage, and comprehensive coverage, as well as all of the other options that are commonly associated with a car policy.