Shopping for Antique Car Insurance
Antique cars are vehicles that are more than 30 years old and usually are used in car shows and for display purposes only. Antique cars are not used to travel to work or vacations. These cars are treated with "kid gloves" and regular auto insurance for these cars may be a waste of money because they are not driven on a regular basis. Antique car insurance is a better choice when planning to purchase insurance.
Prior to getting antique automobile insurance, you will need to get the car appraised by a certified appraiser. Your insurance company should be able to recommend a certified appraiser. The appraiser will determine the value of your car. The value of your car is based upon the sale price of similar antique cars.
If the car is less than 50 years old, the appraiser may look for a "blue book value" on the car. The blue book value is used in the automotive industry to estimate the value of used cars. Most antique cars can found in this listing. In the event the vehicle is not listed, the appraisal may be based on the condition of the car.
Although the appraiser is most likely going to go off of the blue book value, he or she will have to see the car 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 car, has something "accidentally" happen to the car, 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 automobile insurance is not much different than applying for regular car insurance. You will the need the basic information such as the year, make and model number as well as the value. You will also have to provide the insurance company with the driving license of anyone who will be driving the car. If there is a vehicle identification number on the vehicle, the insurance company will also need to have that to issue the insurance policy.
In addition to using the blue book value of the car, if possible, the value of the car is determined by the condition of the automobile. The insurance company will be insuring the car on the basis of the replacement value if something happens to the car, such as a theft. They will also be insuring it against damage to other individuals or to yourself if the car is involved in an accident. Valuation is always based upon the replacement value of the vehicle. This is determined either by the rated blue book value or by three other similar cars in the same condition and their value.
You will have to check around to find an insurance company that offers antique car insurance. Most of the larger agencies have an underwriter who will offer this insurance. They will issue collision and liability insurance based upon how often the car is used and the information on the person who will be driving the vehicle.
Many types of antique automobile insurance are available. A policy based on actual cash value that is determined by vehicle value at the time of policy issuance may not be a wise choice. Cash Value policies may depreciate the vehicle value annually. If the car is one that will gain value with age, other types of insurance may be more adequate.
The stated value policy provides a safer option. This policy will cover the appraised value of the car during the entire term of the insurance policy.
A third option is called agreed value insurance and consists of a monthly premium on the car. This option is best for those who live areas with varying climates limit the driving to certain months during the year. This eliminates the cost for liability coverage during the months that the car is in storage. The option that you choose for antique car insurance depends on the value of your car and how often you plan to drive it.
Article Source: http://www.search-raven.com
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