Antique and Collectible Vehicle Insurance Tips
If you drive a muscle vehicle, you know you need vehicle insurance, but the insurance needs for your muscle automobile are different than for your each day vehicle. For your muscle automobile, you will want specialty insurance. Just as your muscle vehicle is different from your daily automobile, specialty insurance differs from stand insurance in some critical ways.
Specialty insurance is available for a wide variety of collectible vehicles, from antique autos to restored muscle vehicles to custom cars. While traditional insurance is required for each car on the road, custom automobiles aren’t required to have to have specialty insurance, even though the car may not be fully covered under a standard policy.
Classic automobile insurance covers automobiles that might have gaps in regular vehicle insurance, but not every car that is antique or modified will qualify for specialty insurance. Standard insurance is available for all vehicles, but cars must meet certain criteria to be covered by specialty insurance. Vehicles that are over 25 years old used to be considered collectible, but that is not the case now. Just because your vehicle is 30 years old doesn’t mean that it will qualify for specialty insurance.
To qualify for specialty insurance a vehicle must have certain specific characteristics. Some of the characteristics are one-of-a-kind body shapes, muscle cars, German sports vehicles, convertibles and large block V8 engines. To qualify as a “classic car” by law the car must be at least 25 years old. Your local Agency of Motor Automobiles can help you determine your car’s eligibility.
As well as automobiles many other cars qualify for specialty car insurance coverage are older trucks, older fire trucks and other commercial cars and low rider vehicles that have been fitted with hydraulic suspension systems. Collectible motorcycles like the Indian Chief and the older Harley Davidsons can also be insured with a specialty policy.
If you determine that your automobile qualifies for antique vehicle insurance, there are some restrictions and differences from traditional insurance that you should know about. Regular insurance is designed to protect cars that are daily drivers and are often put in situations where damage can occur. Antique automobile insurance often places restrictions on the use of the collectible automobiles to limit the chance that the car will be damaged.
Some specialty insurance policies won’t cover daily driving of the car. Vintage car insurance policies also usually state that the vehicles must be garage kept at all times. These measures lower the danger that an rare antique vehicle will be involved in an accident. These measures help keep premiums for specialty insurance 80% lower than typical insurance costs.
One difference from standard insurance and classic vehicle insurance is the types of policies you can purchase. In standard insurance, automobiles that have been in an accident will either be repaired or will be deemed “totaled” and a check will be issued to the owner for the actual cash value. Classic vehicle insurance policies can be assigned an “Agreed Value.” An concurred value policy ensures vehicle owners that they will receive a prior concurred upon amount in the event of an accident. An concurred value policy does not depreciate a car’s value in contrast to actual cash value policies and said value policies.
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