Here is an excerpt from a new blog post at GreggMarcus.com:
Only those with a genuine passion for classic automobiles can truly appreciate the time and effort it takes to keep these vehicles in perfect condition. A standard automobile insurance policy will not be enough protection for these works of art, as they will not take into account the nature of a collector car. If you are the owner of a classic car or are in the market to purchase such a vehicle, Gregg S. Marcus, a Long Island Insurance Executive can assist you in protecting your prized possession.
The biggest difference between a “regular” car and a classic car is the rate of depreciation. A car that someone drives everyday will depreciate in value at an alarming rate. A classic car, depending on the make, model, year and condition, usually holds the original value well and in many cases will appreciate over time. Regular car insurance policies pay their claims based on the always-changing value of the vehicle and do not take into account the investment properties of a classic car. When you are covered with classic car insurance, the claims are paid based on a value that you have agreed upon with the insurance company, prior to entering into the policy agreement.
To read this post in it’s entirety, click here to visit the Gregg Marcus official website.