Classic Cars and Insurance in Oklahoma

Classic car owners in Oklahoma should be aware of some of the coverage requirements that are in place, as well as some of the coverage enhancement that can be available to customize your insurance policy.

Today’s insurance policies can be tailored to the specific needs of a classic car owner, and this flexibility has evolved over many years.  Now there are many discount programs available, as well as policy enhancements.  For example, those classic car owners who tend to drive less and keep their cars in storage can qualify for a significant “low mileage” discount.  If you prefer a low, or a no deductible policy, those are readily available as well.  A classic car policy will most often contain an “agreed value” provision which is a practical and accurate way of making sure your classic car has enough coverage.  With this type of policy the value of the car is established when you purchase the policy, and is agreed on by you and the insurer up front.  That way if there is a total loss, disputes over the value of the car are eliminated.

A wide range of styles and types of classic cars are eligible for coverage under most classic car policies.  Some stock cars or drag racing cars can be insured under a classic car policy.  Street rods, hot rods, and rat rods are other popular categories of classic cars that can be insured.  If you prefer older or vintage cars, there are programs available for antique cars.  Exotic cars and kit cars are also popular categories.

Liability coverage is another important aspect of your classic car policy.  The limits that you choose are largely a personal decision, but bear in mind that Oklahoma has minimum requirements for liability coverage.   Bodily injury coverage pays for injuries you may cause to someone else in an at-fault accident.  In Oklahoma you must maintain at least $25,000 per person in coverage, and $50,000 per accident.  These limits are  not necessarily recommended for most drivers, they are simply the legal minimum.  Most drivers will require much higher limits such as $100,000 per person and $300,000 per accident.

Property damage liability is another required coverage in Oklahoma and this minimum limit is $25,000 per occurrence.  This part of your policy will pay for damage to another automobile that  you may damage in an at-fault accident, and it can also pay for damage to buildings, fences, or any other property that your car may damage.  This is another minimum limit that can be increased if you choose.

Under insured/Uninsured motorists  coverage is an optional protection that you can obtain for your policy.  This may be a good idea that you should carefully consider.  It protects you by providing coverage when you are injured in an accident caused by someone who has little or no insurance coverage.

Your choice of an insurance agent and an insurance company are both important when considering a classic car policy.  Be sure to select an agent who has experience with classic cars and make sure you deal with an insurance company with a high rating by A.M. Best company, which will ensure that your insurance carrier is financially stable and able to pay claims.

The Phoenix Insurance specializes in classic car insurance. We’re car fanatics and know exactly what it means to want to protect your passion. Give us a call, we can help protect what moves you.