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Standard auto insurance policies provide inadequate protection for classic cars because they are designed to protect a depreciating asset. For vehicles that maintain or appreciate in value, a classic car insurance policy is preferable. The primary differences between the standard car insurance policy and a classic car or specialty vehicle insurance policy are the type of vehicle, insurance limits, and qualifications for applicants. The most common vehicles for this type of insurance are antiques and classics. Typically a car is classified as antique when it is 25 years old or more, and a classic when it is 15 to 25 years old. Categories expand to include Hot rods and street rods, muscle cars, sports and exotics, modified vehicles, kit or replicas, low rider cars / trucks and other less common vehicles. A standard insurance policy will value a car that has been totaled by actual cash value (ACV). This method calculates for depreciation. Normal cars depreciate rapidly making ACV sensible. Agreed value insurance is more appropriate and regularly used in a classic car policy. This is where the company and policyholder agree on the value of the vehicle and insurance limits are set accordingly. Periodic adjustments of the agreed amount can take into account increasing values. Other notable differences found on classic car insurance policies are the optional coverages. Many companies offer benefits for spare parts, memorabilia, tools, coverage for transport, etc. Companies generally allow the higher cost of installing original equipment for repairs and utilizing a garage facility of the policyholders choice. Also, enhanced emergency roadside service is provided. The unique risk characteristics of the typical car collector keep rates low. The average person is around age 50, college educated, a professional or technician or entrepreneur, has an excellent driving record, owns multiple vehicles, and keeps the collectible in the garage. A poor driving record or teenage driver often disqualify an applicant for this type of policy. Vehicles that maintain or appreciate in value are adequately protected by a classic or specialty car insurance policy. The contract will use agreed value not actual cash value to determine physical damage limits. Optional coverages catering to the car collector are available too. Policyholders enjoy low rates due to favorable risk characteristics of the group. Cliff Schimek is President of Auto Plus Insurance, a family owned and operated car insurance agency http://FloridaAutoPlusInsurance.com. Our Website http://ClassicCarInsuranceMiamiFlorida.com is dedicated to the Florida collector. We are independent agents that compare rates from different companies and provide quotes by phone at 1-877-WIZ-AUTO (949-2886). Article Source: https://EzineArticles.com/expert/Clifford_J_Schimek/259660 Article Source: http://EzineArticles.com/3761986