Why You Need Antique or Collector's Car Insurance

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While having a collector’s, vintage, or antique vehicle is an amazing experience, we all know it takes a lot of work to keep them in pristine condition. Sadly, what most collectors don’t realize is that standard automobile insurance policies are doing their vehicles a disservice and if they get into an accident with their prized possessions they may not receive the type of support they expect. It’s often better to purchase an antique car insurance policy. Here are a few reasons why:

The Value of Your Vehicle

With a standard automobile policy you will purchase a limit of liability coverage and if you want coverage for damages to the vehicle itself you will purchase comprehensive and collision coverage. If you get into an accident and your car is totaled the insurance company is going to look up the Kelly Blue Book value of your vehicle and pay you whatever is listed.

Here’s the problem. If you have a 1950’s Ford the Kelly Blue Book value is going to be very low. You, on the other hand, have probably put tens of thousands of dollars into restoring that vehicle and know it is worth much more as a collector’s piece than the value listed. If you have antique or collector car insurance you and your carrier will work together to agree upon the actual value of your vehicle before you purchase coverage, ensuring you don’t lose all your hard work and money in the event of an accident.

Valuation Options

A standard insurance policy will only consider your vehicle’s actual cash value, or the value listed in the Kelly Blue Book as mentioned before. If you purchase an antique car insurance policy you’ll have several options, including actual cash value (ACV), stated value, and agreed value.
Stated value policies will pay you up to the limit listed on your policy but can depreciate the value over time, so you may lose money if you have an accident. Agreed value policies do not depreciate the value of your vehicle, insuring that your collector car insurance pays you for your entire loss.

Lower Premiums

Believe it or not, most antique and collector car insurance policies cost, despite you listing a higher value for your vehicle, cost less than standard insurance coverage. This is partially because you will be limited as to the amount of time you can drive your car but really benefits the average collector. You get better coverage for a lower premium and won’t be punished for having an “older” car.

There aren’t as many antique car insurance companies to choose from as there are standard carriers but on our site we strive to offer you as many options as possible. You deserve only the best coverage for your antique cars.

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