Contrast Your Antique Auto Insurance Against Generic Options

If you're the owner of an antique car, then it is very important that you have antique auto insurance. If your antique vehicle becomes damaged or is stolen, regular auto insurance policies will probably not provide adequate loss protection. The cost to replace an antique vehicle can be extremely high; therefore, you should protect your investment with adequate antique car insurance coverage.

Insuring Antique Cars

For insurance purposes, antique cars are usually divided into three categories. Antique car categories are based on age: classic cars, which are cars older than 17 years old; vintage cars, which are cars that were built between 1903 in 1933; and, veteran antique cars, which are cars that were manufactured or built before 1903. Insurance rates vary widely within all three categories.

Because antique cars are extremely rare, their value normally increases as they get older. This is in contrast to modern vehicles that normally depreciate. Furthermore should antique car become damaged, and need replacement parts - replacing those parts may prove to be impossible. Therefore, you will need insurance that can adequately compensate you for your loss. If you take your antique automobile to automotive shows, there is insurance available to cover the vehicle while it is in transit and while being shown at an event.

Insuring an antique vehicle generally requires a professional appraisal. When insuring an antique vehicle the insurer may pay for the appraisal, or they may require that you do so. Either way, it is always a good idea to have a professional appraisal done, so that the insurance company can provide adequate loss coverage.

Antique Auto Insurance versus Standard Auto Insurance

While some people use regular automotive insurance policies to insure their antique cars, this is generally not a good idea. Most standard insurance policies simply do not provide adequate coverage for expensive, investment vehicles such as antique automobiles. Furthermore, even if you purchase higher policy limits for vehicle replacement, the insurance company may or may not adequately compensate you - in the event that the vehicle is severely damaged or stolen.

There are insurance companies that specialize in providing coverage for antique automobiles, while these companies normally charge somewhat higher rates than normal insurance companies, the coverage that they offer is substantial and generally does a better job of protecting your antique car investment.

Only you can determine how much coverage you will actually need for your antique automobile. Things to consider are: amount of money invested in the vehicle, the amount of time spent in restoring the vehicle and if you will be able to replace the vehicle with something similar. Also, antique vehicles generally have a very high personal, sentimental value to their owners. Therefore when shopping for insurance, this should be considered as well.
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