Things To Know About Vintage Car Insurance

1. "Cash value" is the main way an insurance company calculates the value of a vintage car. This calculates the value of a car by basing it on replacement cost minus depreciation.  
2. Another value of collector car insurance is "stated value." This means a specific value is attached in your contract of the automobile. The insurance company may, or may not, agree to the full amount indicated on the contract.
3. The last type of value in vintage car insurance is "agreed value." This is the amount you as the car collector and car insurance company agree to insure the automobile.  Insurance companies that specialize in covering vintage cars usually agree with the car collector on worth of the car. A contract is signed by the car collector and insurance company on the agreed value amount of the car. 
4. What about vehicles that require maintenance or restoration? Communicating the car's condition to your vintage car insurance agent is important.  The agent should give you the appropriate coverage when taking restoration work into account. 
5. Be sure to review your vintage car insurance coverage every few years. Classic automobiles appreciate every few years and the original value you insured the car for a few years ago may pale in comparison to the car's current worth.  Update the car insurance as needed every few years.
6. A set of conditions may come with vintage car insurance policies. These can include: a clean driving record of at least ten years, proof you own another vehicle for personal transportation; limited mileage; no one with poor driving records is on the vintage car insurance; proof vintage car is garaged from weather damage; and age of vintage car (some may be too young for classic car insurance).
7. Knowing the key elements about vintage car insurance, what are reputable car insurance companies to insure your collector car? Well known car insurance companies for such specialized vehicles are: Hagerty, American Collectors, and Parish Heacock. Traditional car insurance companies are not the best route to go about insuring your collector car. They will refuse to cover the vintage car or charge outrageous amounts in premiums that will only replace core components of the car if it becomes damaged. As a result, the coverage wouldn't come close to the market value of the vehicle. 

Vintage car insurance companies will charge less in premiums and still cover the full market value of your classic automobile.