If you’re a car enthusiast in the Tacoma area, you know that your classic car isn’t just a “vehicle”—it’s a passion project, a piece of history, and often, a member of the family. Whether it’s a ’69 Mustang, a vintage beetle, or a restored truck you’ve poured weekends of sweat equity into, you treat it differently than your daily driver.
So why would you insure it the same way?
One of the biggest mistakes I see local collectors make is adding their vintage ride to their standard auto policy. It seems like the easy button, but it often leaves you with major gaps in coverage and a valuation that doesn’t reflect what your car is actually worth.
Here is why a specialized Classic Car Insurance policy is almost always the better choice over a standard auto policy.
1. Agreed Value vs. Actual Cash Value (The Big One)
This is the single most important difference.
- Standard Auto Insurance uses “Actual Cash Value” (ACV). If you crash your 2015 sedan, the insurance company calculates what it’s worth today—factoring in depreciation. If you insure a classic car this way, the adjuster might look at your pristine 1970 muscle car and just see a “50-year-old used car.” If it’s totaled, you might get a check for a fraction of what it costs to replace it.
- Classic Car Insurance uses “Agreed Value.” With a classic policy, we agree on the car’s value upfront before the policy is even written. If the car is worth $50,000 today, that is the “Agreed Value.” If a total loss occurs, you get a check for the full $50,000. No depreciation. No arguments.
2. Lower Premiums for Lower Risk
This surprises a lot of people: Classic car insurance is often significantly cheaper than standard auto insurance.
Why? Because insurance companies know you aren’t driving your vintage convertible in rush hour traffic on I-5 every day. You aren’t parking it at the grocery store where it can get dinged. Because you drive it less and baby it more, the risk is lower—and your premium reflects that.
3. Specialized Coverage for a Specialized Hobby
Standard policies don’t understand the restoration lifestyle. A specialized classic car policy (from carriers we work with, like Hagerty) often includes “extras” that standard policies miss:
- Spare Parts Coverage: Coverage for that rare engine block sitting in your garage waiting to be installed.
- Automobilia: Protection for valuable hood ornaments, vintage license plates, or manuals.
- Flexible Usage: While you can’t use it for commuting, good policies allow for “pleasure use”—meaning you are covered for a sunny Sunday drive to the coast, not just to and from a parade.
Who Qualifies?
To get these benefits, you usually need to meet a few criteria:
- Not a Daily Driver: You must have another car for daily use.
- Storage: The car usually needs to be stored in a private, enclosed garage (sorry, no carports!).
- Condition: The car is generally expected to be in good condition or undergoing active restoration.
Let’s Protect Your “Baby”
Don’t risk your investment by treating it like a used sedan. As an independent agent, I have access to top-tier classic car insurers. I can help you lock in an Agreed Value that protects every dime you’ve invested.
Stop by the office in Tacoma or give us a call. I’d love to hear about your car (and maybe see a few photos)!
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