Washington D.C. car insurance buyers should consider whether their car qualifies as “collectible” when they are shopping for coverage. If your car qualifies, you would still have the same liability protection as you would get with a standard policy.
The difference for collectible car owners is that this type of policy pays out based out based on an agreed value if the car is damaged in an accident. A regular policy pays out according to the vehicle’s cash value. For example, if you buy a collectible vehicle policy that states your vehicle is worth $20,000 and it is totaled in an accident you will be compensated for that amount.
Your collectible car insurance policy will also protect your vehicle from damage caused to it while it’s at the repair shop following an accident. A standard policy does not offer the policyholder this type of protection.
Rental insurance if you need to arrange for alternate transportation while your car is being repaired is also part of a collectible policy. A standard policy may offer this feature, but the policyholder will be charged extra for it.
Another difference between standard and collectible car insurance coverage is that a standard policy’s premiums are based in part on the number of miles the policyholder drives each year. Some collectible car policies allow for unlimited annual mileage, and others charge an extra premium if a policyholder goes over a certain level.