Classic Car Insurance FAQs

If you own a classic car in Nashville, NC, it holds a sentimental value, and that’s why it shouldn’t leave the garage without proper protection. Classic car insurance is the protection you need to protect your pride and joy from theft, fire, and other risks. 

But since classic car insurance confuses many people, Hedgepeth-Hutson Insurance Services Inc. has put a FAQs section to help you understand everything about this coverage. 

What counts as a classic car?

There is no unified agreement as to the proper definition of a classic car. Depending on whom you ask — insurance companies, enthusiasts, and motor vehicle departments — you are likely to get a contradictory definition. However, while the rules of defining a classic car vary, here is where they converge. 

  • Classic cars are old — over 25 years and above
  • Classic cars aren’t daily drives
  • These cars hold on to their value
  • Classic cars may not be necessary cars — they could be trucks or motorcycles

How different is classic car insurance from standard auto insurance?

Your classic car insurance includes some coverages found in standard auto insurance. However, since the value of classic cars appreciates — unlike conventional vehicles that depreciate from the moment you start driving — you need special insurance that protects the true value of your vehicle.

What’s the difference between agreed value and stated value?

If your classic car is totaled or stolen, your insurer will compensate you using the agreed value or stated value. But what’s the difference? Agreed value is a pre-determined amount that the insurance company agrees to pay the policyholder if their car is stolen or scraped off. On the other hand, stated value is the amount you tell your insurer that your car is worth (of course, with appropriate documentation).

Where can I buy classic car insurance?

If you are shopping for classic car insurance in Nashville, NC, and its environs, don’t look beyond Hedgepeth-Hutson Insurance Services Inc. We will provide coverage that protects your heritage.

Do You Need Classic Car Insurance?

Hedgepeth-Hutson Insurance Services Inc. serves the community of  Nashville, NC with insurance services for all aspects of life, including classic car insurance. If you are new to the world of owning or/and driving a classic car you may not even know that there is a specific type of insurance for your situation. 

What You Should Know About Classic Car Insurance:

  • If your classic car is not your daily driver you may be able to save on insurance. Many people treasure their classic vehicle and only drive it to car shows or on balmy weekends. You can have a more flexible policy if your classic car is not your only car. 
  • The insurance coverage is based on the actual value of your car. When you purchase a new car insurance policy you find that the policy is a bit broad, and that works for newer vehicles. The value of a classic can vary greatly in the same model depending on mileage, upgrades, and other factors. Your policy will be individual to your classic car. 
  • A variety of vehicles may qualify for classic insurance coverage. There is even a "modern classic" category of "newer" vehicles that qualify due to something special or rare about them. Even certain modified or garage builds may qualify for this insurance, and if not ask about umbrella insurance for extra coverage for increased value. 

If you own or drive a classic vehicle in or around Nashville, NC contact us at Hedgepeth-Hutson Insurance Services Inc. We can provide the exact coverage you need for your specific situation and vehicle. Contact us to learn more or to purchase the correct policy for all of your vehicles.