A Comprehensive Guide To Insuring Your Classic Car
A classic car is a big deal
A classic car is a big deal. You want to protect it and look after it and keep it safe from damage. But car insurance has never been as easily understood and when it comes to your classic car, well, it has insurance needs you might not be entirely aware of. Here are a few things to keep in mind while shopping for classic car insurance.
Placing a value on a classic or antique car
When it comes to antique auto insurance, insurance companies provide coverages based on the value of the classic car. And how is this value determined? Well, in three ways, namely- actual value, stated value, or agreed value.
Actual value: Actual cash value, as the name suggests, is the way by which insurance agencies determine the value of your car in the event that it has been in an accident. The make, model and year of your car are compared to a similar vehicle and if you file a claim, you will receive the depreciated value of your car.
Stated value: Stated amount is the amount you and your insurance provider state as the maximum value of your car.
Agreed value: This is the value that is determined after an appraisal. The insurance provider and you agree upon this value. Agreed value is a provided by insurance companies in certain states.
It is always important to choose the right value for your car in case of a claim, so spend some time in figuring out what kind of value youd like for your car before buying classic auto insurance.
The higher the deductible, the lower the premium
Irrespective of the kind of classic car you own, it is always a smart move to settle on the highest possible deductible you can pay up front. Insurance companies lower your premiums with higher deductibles. So if you want to save some money on the premium, you know what to do.
Periodically review your coverage
Its always advisable to keep track with the value of your classic or antique car. Once you buy classic car auto insurance, make it a point to review it periodically. Once every year, go over your policy and ensure that you have adequate coverage and make a note of the changes youd like to include in your coverage.
Tips to save some money:
Consider joining recognized classic car clubs. Members usually earn a discount of about 15% on their premiums.
Get security devices fitted on your car and keep it in a garage, away from natural elements.
Dont use the car for daily transportation. Most insurance companies have restrictions on yearly mileage which might cause you problems on your policy. Having another car for daily transportation is always a good idea.
Make sure that the drivers of the car have a clean driving record and are 25 and over. Some insurance companies might even require drivers to be 30 years old.
Insuring your classic is largely a question of how you use it, and if youve never owned a classic before, insuring it might be a bit confusing. However, by following these simple guidelines you can turn the experience of owning a classic car into a joyous one.
by: Bethany Collins
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