GETTING CLASSIC CAR INSURANCE FOR ANTIQUE CAR

Posted in: Car insurance in essencemagazine's Blog

Getting classic car insurance for your antique collector’s car is not the same as buying classic car insurance for your everyday car. The classic car insurance for collector’s cars is different than other auto insurance. Every antique car collector should know a few things about classic car insurance.

First, your state is going to have specific laws as to how old your car has to be to qualify for classic car insurance. The age is usually at least fifteen years. Also, in order to qualify for classic car insurance you must have another car that you use as your regular car, and a garage to park your antique in.

Collector’s policies are important because of the different types of coverage offered. Traditional classic car insurance pays the actual cash value of the vehicle. Actual cash value is the cost of replacing the car minus the cost of depreciation. This is a poor choice for antique car owners, because it does not incorporate the appreciation of a collector’s item.
Another form of traditional classic car insurance covers the stated value of the car. In this type of coverage, the classic car insurance company pays what the car is stated to be worth.

Classic car insurance is a specialty insurance that pays the agreed value of the car. This way the owner will receive the full value of the car as a collector’s item. And, classic car insurance usually costs less than traditional classic car insurance. It’s a win-win situation for the car collector! A little education can save the antique car owner a lot of money and frustration when purchasing classic car insurance for their collectible.