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Antique Car Insurance |
Collecting antique cars can be an expensive endeavor. It would be
very foolish to spend a lot of money and time on such a lavish hobby
and not have some sort of financial support. Antique car insurance
mainly provides protection against theft, loss or damage to a vehicle
for car collectors. Collector vehicle insurance can differ significantly
from standard auto insurance depending on its availability, coverage
and cost. Insurance AvailabilitySpecialty agents throughout the United States provide antique insurance; they can be contacted through your insurance agency or through a personal search using the Internet, business directory or other resources. If your vehicle is less than 15 years old, you may not be eligible for antique car insurance. Most states require a car to be at least 15 years old to be considered an antique. Check your respected state’s website to find out if your car meets the criteria. It is also good to have a decent driving record and garage space to store your car when it’s not in use. Insurance CoverageThere are two type of physical damage coverage that is offered by most insurance providers. The two types of coverage are “Stated Value” and “Actual Cash Value”. Stated ValueStated Value means that an insurance agency is obligated to pay “up to” the stated amount of the vehicle’s value. The insurance company is not required to pay the full-insured value of the vehicle. Also note that stated value coverage also comes along with a deductible that could range from $200 to $1000 dollars. Actual Cash ValueThe actual cash value is a coverage that obligates the insurer to pay up to the replacement cost minus the depreciation. This would not be a good policy for collectors because appreciating car values is not recognized. Insurance CostBelieve it or not, antiquie insurance cost is generally lower than normal car insurance because of the restrictions placed by the insurance provider. The restrictions are meant to decrease the likely hood of loss to the vehicle by restricting the use of the vehicle. There should be no commercial use of the vehicle unless it relates to showing off the car. |
If you would like some additional information on Motorcycle, RV or Automobile Insurance, click on the hyperlinks below: Motorcycle InsuranceRV Insurance Automobile Insurance |
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