Shopping for Antique Car Insurance
Antique cars are cars that are more than 30 years old and usually are used in automobile shows and for display purposes only. Antique automobiles are not used to travel to work or vacations. These vehicles are treated with “kid gloves” and regular auto insurance for these cars might be a waste of money because they’re not driven on a regular basis. Antique automobile insurance is a better choice when planning to purchase insurance.
Prior to getting antique car insurance, you will need to get the automobile appraised by a certified appraiser. Your insurance company should be able to suggest a certified appraiser. The appraiser will determine the value of your automobile. The value of your car is based upon the sale price of similar antique vehicles.
The vehicle “Blue Book” listing may be used to determine its value if the car is less than 50 years old. The blue book value is used by vehicle dealerships to estimate the value of used vehicles. Most antique cars can found in this listing. In the event the automobile isn’t listed, the appraisal may be based on physical inspection of the condition of the car.
Even though the appraiser is most likely going to go off of the blue book value, he or she’ll have to see the automobile to make sure that it is in the condition stated. This eliminates any potential for insurance fraud as there have been cases in which the insured over estimates the value of his or her automobile, has something “accidentally” happen to the vehicle, and then collects on the insurance. This is why it is so important to have the vehicle appraised by someone who is trusted by the insurance company.
Applying for antique car insurance requires the same basic information as other vehicle insurance. The information includes the vehicle year, make and model, car identification number, and value of the vehicle. The insurance company will also require driver’s license information for all those who will be driving the vehicle. The policy won’t be issued if this information is not provided to the insurance company.
Both the blue book value of the car, if available, and the condition of the vehicle will be used to determine the value of the car. The insurance coverage is based on the replacement value should anything happen to the car. Valuation is always based on this value whether determined by using the rated blue book value or through comparison to three similar models bearing the same condition and calculated value. The insurance also provides coverage against damage to the vehicle and injury to other individuals and self, should the automobile is involved in an accident.
Finding insurance might require checking with several companies to find one that offers antique vehicle insurance. More massive agencies have underwriters who might offer antique automobile insurance and are able to issue collision and liability insurance based on frequency of use and information regarding the primary driver of the car being insured.
There are many types of antique automobile insurance available today. One is based on actual cash value which is based on an amount the car is worth at the time of insurance, less depreciation costs per year. This might not be a wise decision if the vehicle is one that will gain in value in years to come as it is similar to ordinary car insurance.
Said value provides a safer option and will cover the appraised value of the vehicle during the entire term of the insurance policy.
The third option, agreed value insurance, consists of a monthly premium on the car. This is a good option for those who live in climates where the car can only be driven during certain months. This gives the option of eliminating the cost for liability coverage during the months that the car is being stored. The option that you select for antique car insurance depends on the value of your automobile and if you plan to drive it all year long.
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