A lot of people own a vehicle, but a much smaller percentage of those people choose to own a classic or modified truck. Owning such a vehicle is much more than just that — it’s typically an incredible passion for the owner, an iconic piece of history and, more often than not, a significant investment. Whether you’ve restored a vintage pickup or customized your truck for off-road adventures, it’s essential to ensure that it’s properly insured. A lot of standard auto insurance policies don’t fully cover the unique value or modifications found on your particular vehicle, so it’s important to know how to insure your classic or modified truck here in Oklahoma by securing specialized coverage.
Understanding Classic & Modified Truck Insurance
Did you know that there is a special type of auto policy called classic car insurance? Not many people do realize this, but if your truck is considered a classic – which generally means that it’s over 20 to 25 years old – and has either been restored or maintained in its original condition, you may need classic car insurance.
Similarly, most standard auto insurance plans only account for the stock vehicle, meaning anything and everything that was found in or on it when the vehicle was sold. If you make substantial modifications to your vehicle, such as installing a lift kit, swapping the engine or sometimes even giving it a custom paintjob, then you’re probably going to need a policy that reflects those changes if you want to be fully covered.
Determine Your Truck’s Value
While every vehicle begins to depreciate the second it’s driven off the lot, classic and modified vehicles like your truck often find themselves appreciating in value thanks to the restoration work or customizations you’ve installed. Since standard vehicles depreciate, standard policies typically only cover the depreciated market value, which is likely much lower than the actual worth of your custom or classic truck.
So, in order to make sure the vehicle is properly covered, you’ll need to sit down with your insurer to determine your truck’s agreed value. You’ll do this by getting professional appraisals, showcasing documentation of your modification and restoration expenses and by doing market comparisons with similar vehicles.
Choose Your Policy & Coverage
Once you have an agreed value for your truck, you’ll want to make sure that you’re choosing the right type of policy and any extra coverage. There are three different policy types that immediately jump to mind for the given situations we’re discussing today:
- Classic Truck Insurance
- This policy was designed for vintage trucks that have either been well maintained or restored to good condition.
- These policies often have usage restrictions, which means you probably won’t be able to use it as a daily driver. You’ll likely have a set number of miles you’re allowed to drive it in a given time period.
- Modified Vehicle Insurance
- This policy was designed for customized vehicles with significant aftermarket upgrades, including things like lift kits, engine swaps and other major modifications.
- Stated Value or Agreed Value Policy
- This type of policy uses that previously discussed agreed value to make sure its full worth is protected.
There is another option, however, for custom-built vehicles. Instead of completely changing your policy to something specialized like the above options, it might be better to simply secure specialized coverage add ons. Make sure to discuss all options with your provider to determine which way is the right way for you to go.
Hopefully, all of this information has helped you determine the best way to insure your classic or modified truck here in Oklahoma. If you have further questions or would like to discuss getting an auto policy with us right here at Glover Family Independent Insurance, don’t hesitate to give us a call, we can’t wait to hear from you!
