According to the Texas Department of Motor Vehicles, if you own a car that is older than 25 years in Richardson, TX, you may be able to register it under Classic Car regulations. If registered as a classic car, you will be able to protect it with Classic Car insurance.
Classic Car insurance offers protection similar to standard insurance, but the payout value differs if your car needs to be replaced. New cars depreciate as you drive them. When you are involved in a serious accident, and your car needs to be replaced, the insurance policy pays out the car’s market value less the depreciation, depending on how old the car was when the accident happened. However, classic cars usually appreciate (they get more valuable) as the years pass. Therefore, if your car needs to be replaced, the policy will pay out the agreed value amount without depreciation.
That agreed value is based on the industry standard, and valuation guidelines set out by organizations like Classic Car Club of America and the Antique Automobile Club. It also takes into account any other research and documentation that you may have. The insurance industry experts at Collum Insurance Group LLC can provide accurate valuation and help you establish the agreed insured value. That will be the amount paid out to you should your car need to be replaced.
The rest of the policy is similar to standard insurance. It includes the state-prescribed minimum accident cover, bodily injury, and liability coverage. If you choose the comprehensive policy, it additionally covers collision with animals, vandalism, falling objects, and theft.
For a complete valuation of your classic car, pop into Collum Insurance Group LLC in Richardson, TX, to make sure your classic car is suitably protected.