Classic cars bring out the cool, while GEICO protects your investment
WASHINGTON, D.C., June 7, 2013 – There is something about driving a classic car that brings out the cool factor in all of us. For the lucky few who own a collectible, there's no greater joy than cruising around in a vintage automobile on a nice, sunny day. Owning a classic vehicle can be a lot of fun, but it also requires specialized insurance coverage that isn't available under most standard auto policies. As more classic cars take to the roads this summer, GEICO wants car owners to understand the potential rewards of having appropriate insurance coverage.
"A standard auto insurance policy does not address some of the unique issues that come into play," said John Zinno, president of GEICO Insurance Agency. "Many of the classic cars feature one of a kind accessories and specialized parts, so collector car insurance is valuable because it protects your total financial investment."
Collector car insurance coverage is based on the car's value at the time the policy is purchased rather than the actual cash value found in a standard auto insurance policy. Only collector cars manufactured before 1979 that are not used for daily or primary transportation are eligible for coverage. A collector car must also be stored in an enclosed or locked structure and the owner should have a primary vehicle that is fewer than 20 years old.
Zinno noted that collector cars typically do not depreciate and insurance is lower than standard auto insurance since the cars are garage-kept and well-maintained with fewer miles than a traditional vehicle.
"It's important that classic car owners ask questions and kick the tires so to speak. This will provide them with a better understanding of their policy coverage."
For more information on GEICO Insurance Agency's collector car insurance product, please visit http://www.geico.com/information/aboutinsurance/collectorcar.
GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the second-largest private passenger auto insurance company in the United States. GEICO, which was founded in 1936, provides millions of auto insurance quotes to U.S. drivers annually. The company is pleased to serve more than 14 million private passenger customers and insures more than 23 million vehicles (auto & cycle).
Using GEICO's online service center, policyholders can purchase policies, make policy changes, report claims and print insurance ID cards. Policyholders can also connect to GEICO through the GEICO App, reach a representative over the phone or visit a GEICO local agent.
GEICO also provides insurance quotes on motorcycles, all-terrain vehicles (ATVs), boats, travel trailers and motorhomes (RVs). Coverage for life, homes and apartments is written by non-affiliated insurance companies and is secured through the GEICO Insurance Agency. Commercial auto insurance and personal umbrella protection are also available.
For more information, go to www.geico.com.