Antique car owners may think they have their work cut out for them when they shop for auto insurance, but in truth as long as the following 3 concerns are kept in focus and addressed, it should be no more difficult than getting insurance for any other type of vehicle.
1. Regular auto insurance won’t suffice. If you’ve got an antique car, your best bet is to get an antique car insurance quote. The difference is huge, and can be summed up in the amount of money the insurer will pay out if your antique car is damaged, stolen, or totaled. Standard insurance pays out based on book value, but your antique’s true value may not be best represented by this. When you shop for auto insurance for an antique, coverage has to be based on “Agreed Value.”
2. Don’t over-insure. There’s a difference between getting insurance for a car you use all the time, and one you only drive on weekends or that you only display at car shows. You can save a good bit of money on premiums if you don’t use your antique on a regular basis and that limited usage is a part of the contract.
3. Keep records of the money you put in to your antique car. As anyone who’s ever owned a classic or a road-worthy antique, there’s a lot of maintenance and upkeep that goes into keeping them tip top and operational. These expenses figure into the value of your vehicle and should be a big part of the entire “agreed value” discussions. Be prepared to fork over evidence of your investments.