If you are an antique car collector, it is important that you also keep your valuable possession protected. This is where antique car insurance comes in. Once you pay a good sum of money to have it, you cannot just let it sit in your garage. It has to be insured so when the time comes that it becomes exposed to damages, the antique auto insurance will back you up.
How to identify an antique car?
Before you secure antique car insurance, you need first to identify what makes a car antique. There are many things in life that require more complex answers and this question is no exception. The definition of an antique car may vary between the state agencies, car owners and insurance companies. To some, your car can pass itself as antique if is it more than 45 years old. Others will consider a car antique if it has been manufactured 26 years ago and used as a collector’s item. You should also keep in mind that when it comes to the distinction of classification, there are also varying degrees. Some are considered, classic and antique while other cars are labeled as vintage.
Regardless of the qualifying factors, you need to take the time to review the insurance policy so you will know the insurer’s criteria. It is important that you understand these things as they are going to be essential in making insurance claims.
How do you insure an antique car?
In getting an antique automobile insured, there are things you need to keep in mind. When you speak with an insurance provider, the first thing they will do is to determine the agreed value of your car. Only a professional appraisal can identify the true value of your vehicle. If your antique automobile has been destroyed, stolen, or damaged, the insurance will pay you based on the agreed value. You should also be aware that the stated or actual cash value differs from the agreed value of your antique automobile. It is essential that your agent understands this policy.
You will also have to review the terms of usage for your antique car. Even the terms may vary from company to company, but all policies have limitations. An example of these limitations includes not using the vehicle at exhibitions, car shows, parades, and club events. There are also companies that will include a limit for severe stated mileage. You will even be required to have specific storage when your automobile is not in use. It is important that you are clear on how you plan to use your automobile before you decide on signing the policy.
Searching for the right insurer
Once you know that you have an antique car and you know its agreed value, you have to start looking for an insurance provider. Most providers write policies which are intended for classic, antique and vintage cars. The specialty insurers are going to be your best bet. It is necessary that you gain a deeper understanding of the company’s terms, rates and definitions. You will need to obtain information on several insurance companies. While it takes a little time doing your research online or on the phone, you can make an informed decision if you know what insurance to purchase.
The good news is that securing antique automobile insurance is not that expensive. In fact, it is more affordable than regular insurance. Insurers reward you to paying extra attention and taking special care of an antique vehicle. When you put time and effort, you will be able to find the antique car insurance company that is right for you.