You may be wondering if a NJ classic insurance no garage policy is available for your antique or classic car. Most insurers will be reluctant to insure a classic auto that is not housed in a garage, but with good reason. Antique and classic cars are valued differently than regular vehicles. They are insured at an agreed value, meaning the owner and the insurance company agree on what the car is worth and it is insured at that price. Regular autos depreciate in value over time and their insurance policies reflect this. Therefore, it is in both the owner’s and the insurer’s best interest to maintain the classic car in the same condition that it is in on the day the policy begins.
An antique car that is parked in a driveway or on the street is exposed to a number of risks. Highly valued and rare vehicles are attractive to thieves. Extreme weather events with strong winds, heavy rains, snow or hail can cause damage to the car’s exterior. That is why your insurance company may not offer a NJ classic insurance no garage policy, and may require you to keep your classic vehicle stored safely. If you do not have a garage on your property, you may want to look into renting a unit at a local storage place to keep your antique car safe from harm.