Antique/Classic Car Insurance

If you are covering your antique or classic car under a regular insurance policy, you may be paying too much. Most people don’t use their antique cars every day, therefore it is more sensible to obtain a policy that is geared towards an antique car. You will probably pay less for it.

For insurance companies there is a difference between old, classic and antique cars. The criterion usually differs depending on the company. In general, the definition of a classic car is that the car must be between fifteen to thirty years old, it must be something of worth to a collector and the car must be in good form.

An antique car is classified as a thirty year old vehicle. It has historic plates and can only be driven as part of a show. If an old car doesn’t fit either of these requirements then, it is simply an old car that can’t be insured under the special policies available. This is classification is necessary because there are some companies that deal exclusively with classic or antique cars and they generally have lower insurance fees attached.

You may get your car appraised if you think that its value is much more than what the book states. The appraisal process includes the car becoming officially recorded with a list other cars that are considered to be under that same value bracket.

The appraiser checks the vehicle thoroughly for the final report. If possible, they will run the car and take note to the condition. The appraiser will also take a lot of pictures, to add to their detailed document. They will include a record of similar vehicles with their prices. The appraiser bases their list on various sources such as car price guides, advertisements, auction and sale results; and other documents related to the car.

In addition to an appraiser, the insurance policy company needs information such as make, color, model, body style, and year. Engine number and Vehicle Identification Number (or VIN) could be asked for. Cars such as a Ferraris or Corvette must have a VIN for verification.

Another good reason for putting your classic or antique car under the proper insurance policy is that they would most likely understand what the car needs and what concerns you have about your vehicle. That way even if the car faces any breakdowns, you can get it properly fixed by taking it to a Classic Car Repair outlet that can probably fix all the issues related to such cars. And, you may not even have to worry about the costs.

There are three types of insurance for an antique or classic car. There is the actual cash value (ACV); agreed value (AV); and stated value (SV). If your insurance policy is under the heading of actual cash value (or ACV), then the value is set for the cost of the car at the time of being insured. This value decreases with time, if the insurance is needed, an insurance claim adjuster will decide how much the ACV is.

With the stated value (or SV), the insurance pays either the fees related to damage of the vehicle or the ACV depending on which costs less. The AV is the better of the three. When you get your AV policy, you are guaranteed a degree of coverage regardless, if anything were to happen to your vehicle.

Catanzaro Insurance is able to shop around to find a competitive quote with the best coverages at the most effective cost to you.

Call us today at (614) 489-8383 to see how we can help you protect your antique/classic vehicles!


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