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What are the benefits of Antique Car Insurance?
Question : What are the benefits of Antique Car Insurance?
Or Collectible Car Insurance, whatever you want to call it. And is it cheaper than typical insurance? (Though I doubt it)
antique car insurance
Best answer:
Answer by MSAD
If you own an antique car that is fully restored….a big difference.
With a stated value policy (which is what most antique cars are insured under) the vehicle is appraised and a value determined before the car is damaged. You have the appraisal done by an expert in antique cars.
If you do not have a stated value policy and the car is damaged and deemed a total loss, the car is evaluated on it’s year/make/model. Not as a restored “antique”. Additionally, depending on what type of car you have, the auto policy may exclude coverage for specialty paint jobs.
In essence, you could get less money if the car were deemed a total loss and was not insured as an antique vehicle.
If you took the time and money to properly restore an antique vehicle….take the time and money to get it properly insured.
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#3 written by mbrcatz 1 year ago
The main benefits are that it’s WAY WAY WAY cheaper than regular car insurance; it’s specialized coverage, so that, for example, you can also have coverage for parts stored in your garage that you’re GOING to put on the car;and the valuation is usually an AGREED value (you want agreed value, not stated value) rather than ACV like on a standard policy.
Example: If your regular auto policy for your late model car is costing you $ 1200 a year, you could probably get full coverage on an antique policy for $ 300, assuming the valuation is under $ 15,000.
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It’s less expensive than a regular auto policy, and it should have AGREED value. You want to make sure that it is an agreed value policy and not a stated value policy. Ask the agent and if they are not 100% certain ask them to contact the company. You do have to take out full coverage for the entire year. They do not let you drop the liability and collision coverage during the winter (if you live somewhere where there is winter). It is a specializes coverage with specialized underwriters that know alot about collectors cars. If you know the value of your vehicle see if you can get it insured for that amount without an appraisal. Most of the companies I work with do not require an appraisal unless it is something highly modified.