Owning a classic car is a dream for many people and can also be a great investment. While most people consider owning a classic car to be a dream and fun thing, they are also important and valuable assets that need to be properly protected and covered by insurance. There are several factors to consider when determining whether or not insurance is required for your classic car.
If you are going to be driving the classic car, you will be required to meet the basic requirements set forth by law. For those that are in the Cullman, AL area, the minimum state requirements for driving any car is to have liability insurance coverage of at least $25,000 for property damage and bodily injury coverage of at least $25,000 per person and $50,000 per incident. If you do not have this coverage in place when driving, you could be risking significant financial penalties and loss of driving privileges.
Since owning a classic car can be an expensive investment, many people need to take out a loan to finance the purchase of the car. If you use a car loan to buy the car, you will also be required under the loan agreement to carry collision and comprehensive coverage. These types of coverage will provide you with coverage in the event your car is damaged in an accident, if it is stolen or vandalized, or if you are in an accident with an uninsured motorist.
For those that are in the Cullman, AL area and have a classic car, speaking with Insurance Solutions Inc. is a good first step to getting the right insurance policy. Insurance Solutions Inc. Will be able to provide valuable guidance to ensure you fully understand your insurance needs and what the right policy would be for you.