For a car collector or car enthusiast finding the perfect antique car to add to your collection is like discovering buried treasure. Every car collector knows all the details of the type of car that would make their collection complete. While collectors may know what make and model would complete their collection, many are unprepared for the details surrounding antique car insurance.
The required information and insurance policy on an antique car is very different than the information and type of policy a regular passenger car receives. The following are the top three differences between antique and passenger car insurance policies.
Number of Miles on the Car
The most basic difference between passenger and antique car insurance is the number of miles you are allowed to drive in your antique car. Regular insurance policies allow you to drive unlimited miles in your car. Insurance policies for antique cars are different. The insurance company will outline how many miles you are allowed to drive in your antique car.
Recently, some insurance companies that offer antique car coverage have changed this policy. When shopping for car insurance on your antique car you will want to make sure you keep track of this difference, as going over the allotted miles could be costly.
The Agreed Value Factor
Should your antique car be involved in an accident or damaged, the agreed value is what you will receive for the car. The agreed value is the amount of money that you and the insurance company have agreed the car is worth. This prevents insurance companies from saying that the antique car was only worth $2,000, when in reality it has a value of $25,000. All premiums and rates will be determined off of the agreed value of your antique car.
Required Storage
Insurance companies that offer coverage on antique cars want to make sure that you, the collector, are taking good care of the car. When shopping around for antique car insurance companies will ask you where you plan on storing your car. If you plan on only storing your antique car in the driveway or unattended in someone’s yard, it could be grounds for them to deny you insurance coverage. Insurance companies will usually consider garages and storage units as acceptable forms of storage for your antique car.
While the theory behind antique car insurance is the same as regular car insurance, it is a completely different world. Understanding these three basic differences will give you the knowledge to help you on your quest to find insurance for your antique car.