How to Buy Classic or Antique Car Insurance

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There’s nothing quite as amazing as your first collector’s car purchase. That excitement is dimmed only by the realization that you must now purchase collector, classic, or antique car insurance. The truth is that car insurance for collectors is easy to purchase and is relatively inexpensive compared to standard car insurance policies. There are a few major differences between this type of coverage and a regular policy, though, and if you familiarize yourself with those differences you’ll have no trouble finding the right coverage for your collectable.

Learn about Valuation

The first thing you need to do is learn about how collector, classic, and antique car insurance companies will determine the value of your vehicle. Depending on the company you choose your vehicle will be rated based on its actual cash value (ACV), stated amount, or agreed value.

The actual cash value represents the current day value of your vehicle as represented in the Kelly Blue Book. It takes depreciation into consideration – something you wouldn’t mind for a standard car but which will become a moot point as you try to insure your classic. Avoid policies that offer only ACV rating as you’ll never get the true value of your antique if you are in an accident.

With a stated amount policy your carrier will assign a maximum value that you can collect if your vehicle is damaged. If there is an accident your policy will pay the stated amount, the value to repair your car, or the actual cash value –whichever is less. This type of policy doesn’t provide adequate coverage for a classic, either.

The agreed value policy is the best option for those looking for collector, classic, and antique car insurance coverage. Before you purchase your policy you will work with the car insurance company to determine an acceptable replacement value for your vehicle and you will review the value before each policy renewal. The valuation listed on the policy is final.

Limitations on Usage

Every collector, classic, or antique car insurance policy will place a limitation on the number of miles you can drive your vehicle each year. They’ll also check to see if you have another car that can be driven on a daily basis. They do this to make sure that you will not drive your valuable vehicle on normal day-to-day errands or trips to work. The less your car is on the road, the less likely it is to be hit by another driver. The company will set a maximum mileage guideline and will ask you to verify your odometer reading annually as well.

Vehicle Storage

Do you store your antique in a garage or storage center? Most collector, classic, and antique car insurance companies require that your vehicle be stored in a secure, indoor setting whenever it is not in use. This will protect it against vandalism, collisions, and damage caused by weather.
There are dozens of great antique car insurance companies available for you to choose from and our sites can help you to determine which one is best for your vehicle, driving habits, and needs!

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