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Sloan Insurance Agency

33 2nd St
Elmer, NJ 08318

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Classic Car Insurance Terms to Know

At the Sloan Insurance Agency of Elmer, NJ, we know that insurance policies contain some complex terminologyWe deal with these terms daily, but our clients don’t, so we put together this short primer on classic car insurance terms you need to understand before purchasing your policy.

Diminishing Deductible

Some policies offer a diminishing deductible that reduces either annually or according to another specified term, such as every three years or every five years. The diminishing deductible requires that you remain claim-free for the year; we apply it at your annual policy renewal.

Limited Use Coverage

Classic car insurance limits the mileage you can accrue in the vehicle. Limited use coverage offers a lower premium for driving below the mileage limits, typically 5,000 miles or less per year. Some classic car insurance limits driving to 1,000 miles per year.

Agreed Value Coverage

When purchasing classic car insurance, your vehicle undergoes an evaluation to ascertain its value. You and the insurance company agree to this specific valuation as the amount you will receive if your vehicle gets totaled in an accident. Not all policies use agreed-value coverage.

Actual Value Coverage

Very few classic car insurance policies offer actual value coverage. However, you should still know that if you see this in your potential policy, it refers to a depreciated value of your vehicle. Actual value uses Blue Book depreciation value and wear and tear when determining the valuation of a damaged or totaled classic car.

Stated Value Coverage

Stated value coverage seems like agreed value coverage until you read the fine print. With stated value coverage, you bring your insurance company legal documentation proving the value of your classic car. That’s the value you insure it for, but the insurer can choose the lesser of actual cash value or stated value if you file a claim.

Contact Sloan Insurance Agency Today for Classic Car Insurance

Let Sloan Insurance Agency help you insure your classic car. We serve Elmer, NJ, and the surrounding communities. Contact Sloan Insurance Agency today.

Sloan Insurance Agency answers 5 FAQs about classic car insurance

A classic car is special. It’s one of a kind. You need insurance that’s just as unique.

Sloan Insurance Agency knows this more than most. Serving Elmer, NJ, our agency can help you find the right classic car insurance by answering these five common questions.

What is classic car insurance?

Classic car insurance is created specifically for vintage car owners. Although these features are comparable to traditional auto insurance policies, available options are quite different.

How is classic car insurance different?

A significant difference is that classic car insurance uses a designation called "agreed valued coverage." This means that you and an agent determine your car’s value when purchasing a policy. This value is typically set after a professional appraisal.

What types of cars are covered?

Classic car insurance is usually broken into three categories: antique, exotic, and custom. However, custom or modified vehicles can be tricky since these alternations can both add or detract from a vehicle’s value. A car’s age also impacts available coverage.

Is my car eligible?

Only certain cars qualify. In addition to fitting into one of the above groups, there may be other eligibility restrictions too. Most importantly, a vehicle must not be your primary vehicle to be insured as a classic car.

How much does classic car insurance cost?

Rates will fluctuate depending on a car’s make, model, and mileage. But, as a general rule, classic car insurance is less expensive than regular auto insurance. This is because classic cars spend less time on the road and more time stored in a garage.

Find an agent serving Elmer, NJ.

Sloan Insurance Agency can offer more than just answers. Their season agents are eager to "supe up" your vintage ride with a personalized insurance policy. Schedule an appointment today.

What is Classic Car Insurance?

If you still have your classic car stored in your Elmer, NJ home garage, you don’t have to leave it unprotected. Sloan Insurance Agency is helping classic car owners protect their investments and enjoy the benefits of their older assets. However, there are some conditions that you must meet when you are looking to get classic car insurance coverage.

Meet the Age Requirement

Not every car out there in New Jersey or across the country qualifies for a classic car insurance policy. Most of the insurance companies are very selective in this case, and they will only allow a car that is older than twenty-five years. Therefore, if your truck has only served you for ten years, there is a long way to go for it to qualify as a classic car.

Value of the Classic Car

Not all classic cars are the same, especially when it comes to value. Some are more expensive than others, and they will always attract expensive premiums. If you have customized your classic car, your insurance company will demand extra payments because additional customization increases the risk of your vehicle and enhances its value.

Meet Mileage Requirement

Classic cars are the only types of cars where mileage is an issue of concern when applying for insurance policies. Most insurance organizations require that a classic car meet a specific mileage limit per month or below. If it exceeds the agreed mileage requirement, you will be required to pay for additional expenses, some of which might not be very friendly.

Sloan Insurance Agency welcomes everyone in Elmer, NJ who wants to purchase an insurance policy for their classic cars. The company is ready to provide the necessary coverage to this item of value that transcends generations. Contact us for more information.

Should I Insure My Car As A Classic?

According to your Elmer, NJ insurance provider, not all old cars are classics, and not all classics are old cars. Certain newer cars, if they are particularly high-performance, may be classified as classics. But in either event, it’s ultimately up to you whether you want to insure your car as a classic or under a standard policy.

The big question to consider: How often do you drive your classic?

One of the first things your insurer is going to want to know is whether you have access to another car for day-to-day use. You can save some money with classic car policy, but with the understanding that you are not going to be driving this car every day. If you’re driving an exceptionally rare or valuable vehicle, you, and your insurer, are going to want to reduce your risk by keeping your car off the road most days. Classic car owners tend to be safer drivers, statistically speaking, but there are exceptions, and that’s what your insurer is on the lookout for.

If you have a classic Mustang or Charger that you take out on weekends and maybe to the occasional car meetup, there’s no reason not to insure it under a classic car policy. But if you use it as your regular car, you’re better off going with a standard policy to ensure that you have adequate protection on your vehicle.

If you’re still shopping around for classic car insurance in Elmer, NJ, get in touch with us at Sloan Insurance Agency. At Sloan Insurance Agency, we’ll compare several quotes for you from various insurance providers to ensure that you’re getting a good deal on an excellent classic car insurance policy.