Owning a classic car can sometimes be risky, but having the proper insurance can help protect your interests. When comparing classic car insurance policies, there are two standard terms you may come across: agreed value and actual cash value. Understanding the differences between these two terms can significantly affect your coverage and compensation following an accident in Surprise, AZ.

Differences Between Agreed Value and Actual Cash Value

What Is Agreed Value?

Under an agreed-value insurance arrangement, you and your insurance provider determine how much your vehicle is worth. This number will be the maximum amount that your provider will agree to pay after a covered loss. If you file an insurance claim, you may be entitled to the agreed-upon value or the full amount needed to fix the car. Agreed value is best suited for classic car owners who maintain or increase the value of their vehicle over time.

What Is Actual Cash Value?

In insurance, actual cash value (ACV) refers to the amount needed to replace your stolen or damaged property minus any depreciation at the time of the covered loss. This is the most commonly used method of valuation in auto insurance as it considers the real-world value of your classic car. The biggest downside of using ACV is that the payout may not always cover the cost of a comparable replacement car.

Contact Giles & Iten Insurance for Classic Car Insurance

The decision between agreed value and actual cash value will depend on many factors, such as the type of vehicle you own and how you use it. Working with an experienced insurance agent can help you determine the right valuation for your vehicle. Contact Giles & Iten Insurance in Surprise, AZ, at 623-201-8570 to learn more.

Classic car insurance is often misunderstood. Although it has many of the same benefits as traditional car insurance, there are specific differences. However, each insurance agency defines its own eligibility requirements for classic car insurance. Also, it should be noted that not all old cars are eligible for classic car insurance. Our Giles & Iten Insurance team is invested in helping Surprise, AZ drivers understand classic car insurance.

What is classic car insurance?

Classic car insurance is designed for cars between 20 and 45 years old. Like conventional car insurance, classic car insurance provides liability, comprehensive, and collision coverage. However, classic car insurance provides other forms of specialized coverage as well. The car owner and the insurance company determine the value of a classic car. If anything happens to the car, the agreed-upon value of the vehicle that the owner is given. Typically, classic cars must be kept near the original condition with the original specs. However, the individual insurance company determines whether a vehicle meets the insurance company’s eligibility requirements. Also, classic cars aren’t driven full-time. They are typically driven as a second car. Some car models are more likely to be considered classic as well.

I have an old beat-up Chevy Nova. Am I eligible for classic car insurance?

A car’s age is just one of the determining factors when it comes to classic car insurance eligibility. If your vehicle is in poor condition, a classic car insurance company may likely find it ineligible for classic car insurance. Also, some car models receive the classic stamp more often than others. Also, if your older car is being driven as your primary form of transportation, it wouldn’t fall into the classic car category. If you have more questions about classic car insurance, call us. We’d be happy to explain how classic car insurance works. 

If you’ve decided to take the plunge and invest in a classic car, congratulations! You’re about to join a select group of enthusiasts who appreciate the beauty and history of these vehicles. But before you take your new ride home, there’s one crucial detail to take care of: insurance. While classic car insurance may seem like a straightforward process, there are a few pitfalls that many people fall into. This blog post will highlight five of the most common mistakes people make when buying classic car insurance.

1. Not Shopping Around

The first mistake people make is not shopping around for the best classic car insurance policy. Like any other type of insurance, a variety of companies offer classic car insurance, and it’s crucial to compare rates and coverage before settling on a policy.

2. Not Reading the Policy Carefully

Never assume that you’re getting the coverage you need. It’s important to read your policy carefully and understand what is and isn’t covered. Don’t hesitate to ask your agent for clarification if you have any questions.

3. Omitting Important Details

When applying for classic car insurance, it’s essential to be as honest and forthcoming as possible about the details of your vehicle. Omitting important information, such as prior damage or modifications, could result in your claim being denied if you ever need to file one.

4. Assuming All Classic Cars Are the Same

Not all classic cars are created equal, which your insurance policy should reflect. The value of your vehicle and the type of coverage you need will vary depending on the make, model, and year of your car.

5. Not Reviewing Your Policy Regularly

Your classic car insurance policy is not a set-it-and-forget-it type of deal. As your vehicle ages, its value will change, and you may need to adjust your coverage accordingly. It’s a good idea to review your policy every year to ensure it still meets your needs.

Get Classic car insurance in Surprise, AZ.

Classic car insurance doesn’t have to be complicated. By avoiding these five mistakes, you can be sure you’re getting the coverage you need for your valuable investment. Giles & Iten Insurance can help you find the right classic car insurance policy for your needs. Give us a call today to get started.

Classic cars are not only fun to drive, show and collect, but they are also a great investment. Some people collect as a hobby to preserve history, while others just love the luxury they bring. Whichever reason motivates you to have a classic car, you should consider insuring it. At Giles & Iten Insurance serving Surprise, AZ, we understand how important a classic car is, and so we have outlined some of the advantages you can enjoy by insuring your classic car.

Protects the Value of Your Car

Usually, the average car will lose value with time once bought. However, a classic car either maintains its value or increases with time. When you insure your vehicle, you get into an agreed-upon value of the car with the insurance company. Therefore, if the car gets totaled, the insurance company will give you the amount you agreed upon, hence protecting your car’s value.

It is Affordable

Most of the time, classic car owners are cautious on the road. In addition, the car is used once in a while as it is not the car for your daily errands or commute. That is why classic car insurance is affordable if you compare it to buying coverage for a new car.

Liability Coverage

Another advantage of classic car insurance is that it offers you liability coverage. Driving a classic car does not mean you might not get into an accident. Just like with new cars, this coverage is significant.  When you get into an accident where you are at fault, liability coverage will help cater for things like medical expenses for the injured party.

If you live in Surprise, AZ, and want to learn more about classic car insurance, you can reach Giles & Iten Insurance. We will ensure you enjoy the above advantages and much more through insuring your car.

Based in Surprise, AZ, Giles & Iten Insurance assists the community through helping them find the insurance coverage that they need. We recognize that every single client is different, that’s why we take the time to consult with all of our clients so that they can find the right policy.

Classic Car Insurance

Classic cars are valuable possessions. Due to their unique stature, they require different coverage from traditional vehicles. Classic cars are often recognized as vehicles with significant historical interest. They are often more than 20 years old. Classic cars spend the majority of their time in storage. Owners only show them off at special car events, conventions, and parades. As such, classic cars are only used on a limited basis. That is an important thing to consider as you research different policies. Driving a classic car on a regular basis causes the value to depreciate, which impacts your policy. The car must also undergo a periodic inspection to make sure that it is still in good condition. Make sure that you keep your vehicle stored in a secure area.  

Liability, comprehensive, and collision coverage is still available as if you had a traditional auto insurance policy. The important thing is to make sure that you do not drive the car over the specified mileage limit. The mileage limit is to ensure that the vehicle is only used on special occasions.

If your classic car needs assistance, be sure to find a place that understands that classic cars require different maintenance from other cars. Try to find a repair shop that specializes in treating classic cars.

Giles & Iten Insurance Will Guide You Through The Process

Stop by our office in Surprise, AZ and we will work with you to find the right coverage for your prized possession.

Your car has been around since the beginning of time, so it feels. Does it qualify as a Classic Car by the state’s standards, though? The agents at Giles & Iten Insurance can help you understand Classic auto insurance. Read on to learn if your car qualifies as a collectible in Arizona. 

What qualifies as a Classic Car in Surprise, AZ?

The state of Arizona recognizes a car as a Classic car when the vehicle is 25 years or older. Automobiles older than 50 years are considered Antique cars. 

How much should you expect to pay for Classic car insurance?

Interestingly enough, Classic car insurance tends to be cheaper than standard auto assurance. One main reason why you may pay less for Classic auto insurance is because of the stipulations imposed by the state for Classic car owners. Individuals who own collectibles in Surprise AZ may be restricted to when they are allowed to drive their vehicles around town. There also may be stipulations regarding how far a Classic car can be driven. 

You automatically save money on car insurance when your vehicle is driven less and taken shorter distances. It, therefore, may be more profitable than you think to register your car as a Classic car and obtain insurance tailor-made for collectible cars. 

Can any car older than 25 years be covered under Classic car insurance?

Generally speaking, only vehicles recognized by the state may qualify for Classic car insurance. You may have to settle for standard auto assurance if you drive your car every day or if you travel long distances in your vehicle even if it is older than 25 years. 

Should I contact an agent for help?

Yes! You should never go it alone when it comes to auto insurance. The agents at Giles & Iten Insurance can help you better understand the basics about Classic auto insurance as well as assist you in finding the indemnity plan that works best for your situation. Call them today to get started with a quote!