ANTIQUE, CLASSICS, COLLECTIBLES AUTO’S
Antiques – 25 years and olderCustoms – 1949 to present
Classics – 20-24 years old
Collectibles – 15-19 years old
Street Rods – Pre-1949
Antique cars hold pride of place in the hearts of their owners. In fact, antique cars generate a lot of interest and curiosity when seen on the streets. Safeguarding your priceless vehicle is an important aspect of owning it.
Antique auto insurance policy is specifically available for the classic cars. An antique car is used at exhibitions, parades and other such functions. You will not be using a specialty or antique vehicle to run household errands or drive to work. Generally, the antique/ specialty vehicle is stored in a locked garage.
Typical car insurance pays you only actual cash value (ACV) for a car, which takes into account the car's depreciation. New cars are worth less every year. Antique or classic cars, however, not only hold their value, but they also increase in value. So you need to find an auto insurance policy that protects the full value of your car. This can go a long way in the maintenance and upkeep of the car.
Antique vehicle insurance policies generally do not allow the vehicle to be used for more than 2,500 miles per year. Antique auto insurance companies account for inflation by increasing the value of the vehicles by about 2% every quarter or so. Many an auto insurance company specializes in antique car insurance.
The cars which need insurance should be 25 years or older than that (vantage car), but cars that are 15 years or older can be considered "classics" and can still qualify. In fact, there are even a few new cars out there that are rare enough to qualify for this special coverage. You need to check with the insurer on a case-by-case basis to see if your car qualifies.
Antique vehicle insurance usually offers 'full coverage'. Insurance for an antique car would include general liability, collision as well as comprehensive covering fire, theft, flood and other natural disasters. Arriving at a suitable value for insurance of antiques and specialty cars is a critical factor.
- Agreed-upon value is a common method of determining the worth of your favorite antique. In this case, you and the insurance company representative agree upon the value. This value can be based on comparable values from a Kelly Blue Book or Hemming Motor News or Old Car Weekly or an independent appraisal.
- Stated cash value is a factor of purchase price and upgrades. This decides the premium amounts.
- Actual-cash value is another factor for classic and antique car insurance. The antique vehicle value is determined by its original cost after adjusting the depreciation. The mileage factor is not to be ignored in antique insurance. Some policies place restrictions on the mileage.
Larger insurance companies generally underwrite antique auto insurance policy. There are some conditions and stipulations that have to be satisfied so as to avail antique vehicle insurance. You should have at least 10 years driving experience with a clean driving record, one or two minor violations may be allowed, but that's it. You will also have to show that all the drivers in your household have access to another vehicle for daily driving need.
The insurer doesn't want you to use your classic or antique car for every day driving that is they place usage restrictions on these vehicles, they request you to store your prized vehicle in a locked garage when it's not in use. Some companies may also require a security system and even a sprinkler system. You also won't be allowed to use the car for things like racing or commercial -transport purposes.