Antique automobile insurance

People who want to buy a new car would also have to buy an insurance cover for the same. Normally, standard type of such policies is available in the market. If you plan to get a standard or regular cover for your antique or classic car, there is a possibility that you may land up paying a huge premium.

Insurance companies treat old, classic and antique cars differently with respect to policy term and premiums. An antique car is classified as a vehicle which is more than thirty year old. It has historic plates and can only be driven as part of a show.

American society of appraisers can help you with the appraisal process. The appraiser prepares final report after doing conducting a check on the vehicle and also considers the price guide, advertisements, auctions and sale results. The appraiser will drive the car to analyze its condition.

The insurance company needs information on your antique car such as the manufacturing year, model, body style and the engine number along with vehicle identification number.

There are the following three types of insurance for an antique car:

Actual cash value- This value is taken as the cost of the car at the time of insurance. This value decreases with time.

Standard value- Under this insurance, insurer pays either the fees related to damage of the vehicle or actual cash value, whichever is less.

Agreed value- The Expert advises to choose this policy, under which you are guaranteed for coverage what ever happens to your car.

You can find insurance companies who offer insurance on variety of vehicles listed below:

Muscle Cars

Station Wagons

Steam Automobiles

Convertibles

Horseless Carriages

Antique delivery trucks

Tractors

While your insurance cover is active you can take your vehicle to a series of shows in New England or take a club tour.Your vehicle is covered in the Continental United States, its territories and possessions, and Canada. Insurer will make a special arrangement to protect your vehicle on an overseas tour.

You need to understand insurance terminology which is very useful at the time of claims.

Garaging location - This is the location at which you normally keep your vehicle. The vehicle must be locked and kept in a fully enclosed garage when not in use.

Collision means the upset or collision with another object of your covered vehicle.

Other than collision This is called as Comprehensive coverage. It is defined as loss to your vehicle caused by missiles, falling objects, fire, theft and earthquake.

Important point to be noted here is to make sure that your insurance policy covers in the manner you actually use your antique car. If you drive it to and from the car shows, or in an occasional parade, the policy limiting you to these uses might be a best option.