If your purchase or restoration of a classic car has been a good investment, then you need to make sure you get the proper antique car insurance coverage. All your shopping around and tinkering in the garage shouldn’t be done in vain. In order to make your time and money worth something, you need to protect your investment.
Keep in mind that when it comes to antique car insurance, things are a little different than covering your everyday vehicle. Here are basic guidelines for asking the right questions and picking the right type of coverage for your classic automobile.
Only Pay for What You Need
As a general rule, it’s always best to speak personally with an insurance provider when shopping around for coverage. Before you make a call, think about when you’ll actually be driving your antique car. Are you using it daily? Do you only plan on driving it to car shows? Once you’ve determined when you’re going to use this vehicle, talk with your provider about placing limits on your coverage. This way, you’re only paying for the coverage you need.
Ask About Restrictions
When seeking out antique auto insurance, ask the provider if there are certain storing restrictions. Many companies require that you lock your car in a garage or trailer when not in use. Some providers also require that your vehicle not be left overnight in unattended parking lots or other unfamiliar parking lots such as hotels, restaurants or shopping malls.
Stated Value vs. Agreed Value
Don’t let an insurance company tell you that the stated value and the agreed value are the same. They’re not! When it comes to antique car insurance, knowing the difference between the two can be extremely beneficial.
The stated value helps providers determine your premium. Stated value means that the insurance company will pay the lesser of:
The actual cash value or…
The cost to repair the car, as long as the cost does not exceed the stated value or
The stated amount
The agreed value represents the actual cost of the vehicle at the time the insurance policy is written. Agreed value means that the insurance company will pay you the lesser of:
The agreed amount or…
The cost to repair the car, as long as the cost does not exceed the agreed value
Unfortunately, many antique car insurance providers are oblivious to the difference. Do your research and gain the upper hand. In doing so, you will get the coverage you need should a claim arise.
Seek Out Discounts
Many antique car insurance providers offer a wide array of insurance discounts. There are discounts for everything nowadays. Many big name (and not-so big name) providers offer discounts to homeowners, military, federal workers, and customers wanting to sign up for multi-coverage package deals. The list goes on and on. It never hurts to ask about what your auto insurance company can do for you. Don’t be shy, ask and you shall receive.
Compare Antique Car Insurance Quotes Online
Whatever paths you choose to follow when it comes to your antique auto insurance, just make sure you don’t settle. Your classic car should have the best coverage possible for the best price possible. Take time before making a choice. Doing so will help you protect your investment.