Rev Up Your Knowledge Lexington’s Guide to Classic Car Insurance

When you have a classic car, it is about more than just getting from place to place; your car becomes a treasure and an investment piece you can enjoy for many years.

What Type of Protection Does a Classic Car Need In Michigan

There are no special needs for a classic car in Michigan, and a classic car must follow the same standards as any other car. In Michigan, because it is a no-fault state, each person has to have enough insurance to cover themselves and any other parties that may have damages in an accident. This usually correlates to $20,000 for bodily injury coverage per person, $40,000 per accident, and $10,000 for property damage liability, also known as a 20/40/10 policy. You also need personal injury protection if you get injured because of an accident. Failure to have appropriate insurance can lead to fines, jail time, or both.

What Makes Classic Car Insurance Unique

While insurance is needed for any car in Lexington, Michigan, there are some special considerations you’ll have to consider when buying insurance for your classic car. While most cars can be swapped out when they are damaged, classic cars are not just about practicality. They are a collector’s item and often have a lot of sentimental value. At North Coast Insurance Services, we understand that getting a policy customized for your classic car can help you give your classic car a long life and sure up your investment. Car collectors put a lot of time and effort into their classic cars, and their insurance policies should reflect that.

Protecting Your Classic Car

If you’re like most classic car owners, your classic car is precious to you. By opting to get insurance through North Coast Insurance Services, anyone in Lexington, MI, and the nearby areas can get the right coverage for their specific circumstances and have peace of mind when it comes to one of their most prized possessions.

Four of the best advantages of having classic car insurance

Classic car owners should invest in insurance coverage that’s tailored to their unique needs. At North Coast Insurance Services, we’re here to assist classic car owners in Lexington, MI. 

Classic car insurance policies offer plenty of advantages.

The following are four of the best advantages of having classic car insurance:

Coverage for spare parts

Spare parts for a classic car can be especially costly. Fortunately, classic car insurance can offer enough coverage to pay for expensive and rare spare parts that are used on antique vehicles. 

Vehicle appraisals

Having your classic car appraised is helpful because it lets you know just how much your classic car is worth at any given moment.

Fortunately, a lot of classic car insurance providers will provide routine vehicle appraisals to policyholders to ensure that they compensate policyholders properly if a claim is filed. Having these appraisals done is a great perk of carrying classic car insurance. 

Coverage for an agreed value

Classic car insurance policies can offer an agreed value in the event of a total loss.

With an agreed value policy, the policyholder knows that he or she will receive a certain amount for their vehicle regardless of how much their vehicle’s value has changed recently due to depreciation. 

Flexible classic car usage options

Classic car owners don’t typically use their classic vehicle the way they would use a standard vehicle that’s used for transportation.

Classic car insurance policies can be adjusted to a policyholder’s vehicle usage amount. This ensures that policyholders’ premiums can reflect the fact that policyholders drive their classic cars only very infrequently. 

We Are Here To Help

You’ll love carrying classic car insurance for your vehicle in Lexington, MI. You can get a quote on a classic car insurance policy by calling us at North Coast Insurance Services.  

Tips For Owning and Buying A Classic Car

In Michigan, a classic car or vehicle is one that is over 26 years old and purchased as a collector’s item. When your vehicle meets the requirements, it can be registered as a historic vehicle, and you will receive a historic plate. The vehicle should only be driven for pleasure and in historical events, but you will find Michigan to be a lenient state for driving classic vehicles.

 In the month of August, classic car owners can drive their cars every day and back and forth to work. To help our customers buy a classic vehicle, North Coast Insurance Services in Lexington, MI offers the following guidelines.  

Tips For Owning and Buying A Classic Car

Decide Where You Want to Purchase Your Classic Car

There are three places you can purchase classic cars: an auction, a private owner, or a car dealer. An auction offers a large variety of cars for sale, but prices may be high, and it is hard for you to get an inspection before purchasing. 

When you buy from a private owner, it takes more time to find the car you want. Be sure to have it inspected before purchasing so that you will know the condition and what needs to be repaired. Often, you can get a good price on a classic car from a private owner.

Dealers sell classic cars, and you can look at many models, and they will let you test drive the cars. They often have mechanics that inspect and repair the cars before they are sold. Getting a third-party inspection before buying is another option.

Inspect The Interior and Exterior

Look at the exterior for rust, chipping, or lack of paint, damage to parts, dents, and repairs that have been made. When you check the interior, look at the upholstery, and rugs, and check to see if all the lights, seats, heat, air, and other equipment work. Check to see whether you can replace parts if you plan on remodeling or updating the car. 

Classic Car Insurance 

At North Coast Insurance Services in Lexington, MI we offer classic car insurance that offers collision, accident, and property damage, and  coverage for injury to yourself and others. Call us to learn what coverage is best for your classic vehicle. 

Do I Need An Appraisal To Insure My Classic Car?

If you have an older car, you likely don’t need an appraisal to do the careful process of Tune-Up. If your car is new, you may want to consider an estimate from an appraisal firm. It helps you get the best interest rates on your classic car. 

Many car dealers will have a website where you can download an online car appraisal form and complete it with the car’s previous owner. This will give you a more up-to-date report and analysis of the car’s history. You can also get this form signed by the car’s previous and current owner. This will give you further proof that the car was properly cared for and has a good history. For inquiries, give us a call at North Coast insurance Services in Lexington, MI.

Appraisal and Classic Car 

If you are like most people, then you probably have several classic cars on the market. An appraisal will help you determine if the car you are looking at is worth the money spent on it. 

If you’re buying a classic car, you need to research and know the current market value of the car. An appraisal is an analysis of the car’s value based on factors like depreciation, history, and the condition of the car when it was purchased. The best time to do an appraisal is during the buying process. 

If you’re buying a car that has been sitting for a long time, an appraisal might reveal some valuable information. However, you’re not legally obligated to do an appraisal. This is because the classic car market value is the buyer’s responsibility. The car’s current market value is an independent indicator of its value. 

Give Us A Call

If you have a classic car, an appraisal might be the best way to get the most out of it. It will examine the car’s condition, cost of ownership, and history, looking for signs of recent damage. An appraisal will also look for signs of past ownership that could impact its value. it may not cost any more than a regular visit to the car shop and will usually yield more information than an online search. 

An appraisal is not required but recommended. For expert insurance advice in the greater Lexington, MI community, let North Coast insurance Services serve you.

Frequently Asked Questions (FAQ) About Classic Car Insurance in Michigan

When you have a classic car in Michigan, you have a lot of extra responsibilities for taking care of it. Classic car insurance is one of those responsibilities. This kind of car insurance is not going to be like your everyday use Michigan auto insurance policy.

At North Coast Insurance Services, we want Lexington, MI residents to feel secure with their classic car insurance policy. Before you design your policy, make sure you have all of your questions answered.

What is a Classic Car?

In Michigan, you need classic car insurance if your car meets the classic car criteria:

• A car at least 26 years old
• Well-maintained, drivable, safe to drive
• Not used for everyday
• Stored according to regulations

What are the Driving Requirements for Classic Car Insurance?

Classic car driving is not the same as everyday auto driving. It is a skill that insurance companies want left to the best drivers. To hold classic car insurance in Michigan, you need to meet certain criteria:

• You must have a very good driving record with no major reports in 3 to 5 years
• You must have a separate vehicle for everyday use

There are some insurance companies that may require a minimum age to drive a classic car, or a minimum driving history for years of driving.

What You Need With Classic Car Insurance

When you have classic car insurance, you want it protected from financial risks. There are a number of minimum requirements for classic car insurance, that will provide liability and property damage.

You can also get insurance that covers you for proper towing and roadside assistance in the event your classic car is in a collision. Towing a classic car is not the same as towing an everyday use vehicle.

Get a Quote

If you are looking to insure a classic car in Michigan, it is easier than you might think. At North Coast Insurance Services, we know how important special cars are to Lexington, MI drivers. Call us for a quote today.