Antique Car Insurance Tips To Keep In Mind
Know The Expenses •
If you are in the process of buying an antique car, it is very important that you know about all of the expenses you are taking on. Not only do you have to maintain the vehicle, you also have to protect the vehicle with insurance just in case it is stolen or damaged. When you are shopping for antique car insurance, you are buying a specialized policy that is not quite like the standard auto insurance policy. Unlike standard auto insurance, a policy designed for antique vehicles must be customized to suit all of your needs. Here are some tips to consider when buying your insurance so that you choose the right policy:
Understanding the Difference Between Stated Value and Agreed Value •
One of the primary differences between a standard insurance policy and an antique insurance policy is how the vehicle will be valued. When you have standard car insurance on a newer vehicle, the insurance company will pay the fair market vehicle of the vehicle when a claim is filed and the vehicle is deemed a total loss. When you have antique insurance, the insurance company will ask you for the stated value of the vehicle.
•
It is important to keep in mind that you can state any value and this is what your premiums are based on. It does not mean the insurance company will pay the full amount if a claim is filed. At the time of a claim, the agreed value will be the amount the insurance company agrees to pay based on an appraisal of the vehicle.
Choosing The Right Stated Value
•
When you are requesting a quote for antique car insurance, it is very important to choose the right stated value. You have to remember, the higher the stated value, the higher the premiums. If you believe your vehicle is worth $50,000, you will need documentation to prove this for the insurance company to pay you $50,000 if it is a total loss. You have to cut out the sentimental value and only consider how much the vehicle is worth on the market. Because of this, you should get regular appraisals on the vehicle so that you state the right value with your insurer.
Know the Parking and Storage Restrictions •
There are a number of different restrictions on antique insurance policies because the car is not meant to be driven on a regular basis. Because of this, you need to make sure you understand the restrictions before you park your car on the street and void your coverage. See if your insurer requires you to store your car in a locked garage or storage facility and follow the restrictions to prevent your claims from being denied.
Know the Parking and Storage Restrictions •
Your antique auto insurance will protect your car from fire, theft, and vandalism. Protect your investment, get peace of mind, and keep these tips in mind when you are purchasing a policy.