Antique Car Insurance

If you are covering your antique or classic car under a regular insurance
policy, you may be paying too much. Most people don't use their antique cars
every day and so there it is better of get a policy that is geared towards
an antique car that would take that into consideration. You will probably
pay less for it.

For insurance companies there is a difference between old, classic and
antique cars. The criterion usually differs depending on the company. In
general, the definition of a classic car is that the car must be between
fifteen to thirty years old, it must be something of worth to a collector
and the car must be in good form.

An antique car is classified as a thirty year old vehicle. It has historic
plates and can only be driven as part of a show.
If an old car doesn't fit either of these requirements then, it is simply an
old car that can't be insured under the special policies available. This is
classification is necessary because there are some companies that deal
exclusively with classic or antique cars and they generally have lower
insurance fees attached.

You may get your car appraised if you think that its value is much more than
what the book states. The appraisal process includes the car becoming
officially recorded with a list other cars that are considered to be under
that same value bracket.

To select a proper appraiser you could contact the American Society of
Appraisers (or ASA for short). When you are selecting your candidate, look
at their resumes. It is best to have an appraiser that has worked with your
make of vehicle in the past, and knows a lot about it. Check their
references for more information about them.

The appraiser checks the vehicle thoroughly for the final report. If she
can, she will run the car and take note to the condition. She will also be
taking a lot of pictures, to add to her detailed document. She will include
a record of similar vehicles with their prices. The appraiser bases her list
on various sources such as car price guides, advertisements, auction and
sale results; and other documents related to the car.

In addition to an appraiser, the insurance policy company needs information
such as make, color, model, body style, and year.
Engine number and Vehicle Identification Number (or VIN) could be asked for.
Cars such as a Ferraris or Corvette must have a VIN for verification.

Another good reason for putting your classic or antique car under the proper
insurance policy is that they would most likely understand what the car
needs and what concerns you have about your vehicle.

There are three types of insurance for an antique or classic car. There is
the actual cash value (ACV); agreed value (AV); and stated value (SV). If
your insurance policy is under the heading of actual cash value (or ACV),
then the value is set for the cost of the car at the time of being insured.
This value decreases with time, if the insurance is needed, an insurance
claim adjuster will decide how much the ACV is.

With the stated value (or SV), the insurance pays either the fees related to
damage of the vehicle or the ACV depending on which costs less. The AV is
the better of the three. When you get your AV policy, you are guaranteed a
degree of coverage regardless, if anything happens to your vehicle.

About The Author: Tom Atkins is a staff writer at
http://insurance-gazette.com and is an occasional contributor to several
other websites, including http://www.debt-journal.com.