Antique auto insurance is specifically designed for valuable vehicles that are over 25 years old and not used for daily driving. Here are some key points to consider when insuring your prized possession:
Qualification Requirements - Antique car insurance policies have specific requirements to qualify for coverage. You’ll need to provide proof of ownership for your antique vehicle, including its model and manufacture date. Any modifications or customized parts should be listed. Some insurers require that the vehicle be stored in a locked garage.
Agreed Value Coverage - Unlike regular auto insurance which covers a vehicle for its depreciated worth, antique car insurance typically offers “agreed value” coverage. Agreed value means that the insurer and the policyholder agree on the car’s value upfront. In case of a total loss, you’ll receive the agreed-upon amount, rather than the depreciated market value.
Specialized Providers - Consider reputable providers specializing in classic and antique car insurance. Some well-regarded companies include Hagerty, American Collectors, and American Modern. Talk to your insurance agent to see who they work with for insuring collector cars.
Cost Savings - Collector car insurance can be more affordable than regular auto insurance. These vehicles are often not used daily and are usually meticulously cared for, reducing the risk of accidents and theft. Furthermore, antique cars tend to depreciate slower than modern cars, which could lower the premium.
Protect your beloved collector car with the right insurance coverage tailored to its unique value and significance. Give us a call with any questions or if you would like a quote.