Classic cars are often bought as an investment and spend very little time on the road but, whether you take your favorite four-wheeled beauty out once a week or once a year, it needs to be insured and classic auto insurance in New Jersey is not cheap.
Currently, New Jersey rates as the second most expensive state for insuring classic cars and the rates continue to rise due to the high population and volume of traffic on the roads. The good news is that there is a wide selection of insurance companies like https://newjersey-insurance.net/new-jersey-auto-insurance/ that recognize the value of the classic auto insurance market and most will offer a policy tailor-made for your particular needs.
Unlike an everyday car, classic autos are usually only driven on special occasions or for a specific reason such as attending a car show. For this reason, most insurance companies will offer policies based on how much mileage you expect to cover in a twelve-month period and offer higher or lower premium rates accordingly. When shopping for classic auto insurance in New Jersey, it definitely pays to shop around and not take the first quote given. There are a number of items that a good policy should cover including:
- Flexible Mileage. If you only intend taking your classic car out on a couple of occasions per year there is little point in having it insured while it is sitting in the garage. Most insurance companies will offer coverage policies based on the car’s estimated mileage within a twelve-month period and adjust the premiums accordingly. Obviously, the less time the car is on the road, the less the premium will cost. Also, check to see if your insurer offers “rollover” mileage in the policy which will allow you to carry unused mileage over into the next time period without adding to your premium costs.
- Agreed or Stated Value. This is a very important point when looking for classic auto insurance in New Jersey. Some insurance companies such as this will put their own valuation on your classic car despite the fact that it may seriously undervalue the car’s actual worth. A good insurance company will take your valuation, professionally documented of course, and agree a replacement value with you. Bad enough you may lose a favorite, and to you irreplaceable classic auto, due to an accident but even worse if you are seriously out of pocket because of the insurer underestimating the car’s replacement value.
- Inflation Protection. In tandem with an agreed valuation of the car, a good insurance policy should have an in-built inflation linked increase to reflect the auto’s rise in value over the time of the policy. This is not always the case when taking out classic auto insurance in New Jersey so it is definitely worth checking out before signing on the dotted line.
Peace of Mind
Nobody likes paying insurance at the best of times but peace of mind comes at a price. Although your classic auto might only see the light of day a couple of times a year, accidents do happen and often for the most mundane and ridiculous reasons. Replacing a damaged family saloon is expensive enough but multiply the cost by a factor of ten and more and you will see it makes sense to have a good classic auto insurance policy, quite apart from the fact that it is required by law.