Classic Car Insurance Policies and Coverages

By: EconomyWatch   Date: 26 May 2010

About The Author

EconomyWatch

The core Content Team our economy, industry, investing and personal finance reference articles.

EconomyWatch, Content Team

 

  • Dot Div
  •      

If you own a classic or antique car then you are probably very proud of it (as you should be!). In order to protect the investment that you have worked hard for you need to find the right classic car insurance coverage. After all there are special considerations that go along with owning a collector vehicle.

Consider the way your classic car is used in real life scenarios. For example, if you only use your car for special occasions such as taking it to car shows then coverage that is limited to these occasions should help you to save money. You must be clear with the insurance agent about how and when your car is used. If you occasionally drive it to the beach or out to your favorite coffee shop or restaurant then you use it for more than just showing it at car events. Do not mislead your agent in this way as it can only come back to haunt you. To get the best rates for classic car insurance you must remember that honesty really is the best policy.

When it comes to vehicle insurance, there is sometimes a difference between an “agreed value” for your antique vehicle and the “stated value.” Ask your insurance agent what each of these terms means and how they are defined in terms of the policy. You also want to find out which one is advantageous for your particular life and insurance situation.

You need to find out this information before an accident or altercation occurs and not afterwards.  It is important that you set the proper value for your classic car from the very beginning. This allows for peace of mind which is priceless.

The classic car insurance policy you are considering might include policy restrictions on parking, storage or both. Be aware of what your policy expects of you and stay within the bounds of it. For example, there are some policies that deem it a requirement to store an antique vehicle inside a locked enclosed trailer or a locked garage when the vehicle is not being driven. Still an other insurance policy might state that a classic car should not be left unattended in a parking lot of any kind either overnight or for a certain number of days at a time.

Even if you only drive your car to shows for display purposes it might be a problem if you are not allowed to leave it in a hotel (or motel) parking lot overnight. This is particularly the case if you travel to different cities and states for shows.


  • Dot Div
  •      
blog comments powered by Disqus