Winter is over, and you are ready to take your classic car for a drive. Before you get your automobile out of storage, review your insurance agency’s policies. Antique car insurance is a unique automotive insurance coverage that only benefits collector cars. Given that most people do not understand the different auto insurance plans, it has led to many poor insurance decisions.
There is no sweeter pleasure than driving your vintage car, knowing it is protected. So, what should you know about insurance for antique cars?
1. It Is Cost-Effective
Did you know that you can get up to a 40% reduction with antique insurance, unlike regular auto insurance plans? Most vehicles 25 years and older that are properly maintained are more likely to obtain this plan. If the driver and automobile qualify, it is advisable to select this lower-cost category.
2. Replacement Value
Antique car insurance gives you actual cash value if you lose your car in an accident, fire, among others. Cash value means your vehicle’s value has depreciated over time, which is the opposite of vintage cars. The older your automobile is, the higher its worth. On the other hand, insurance for antique vehicles offers the agreed value for compensation. That means you have to discuss with your agent and decide on an estimate of how much the automobile is worth.
Professional services are fundamental if you want a fair valuation. With your documented appraisal and the experience of an expert, you will get an approximate value.
3. Optional Coverage
Classic cars have lots of coverage options that are specific to that category. Fender benders, theft, and whiplash are the most common insurance claims. Old-fashioned vehicles are more likely to break down. They are also more likely to be stolen due to their worth. Therefore, ensure your coverage includes spare parts, roadside assistance, repair, traveling coverage, and other specific options that suit your car’s condition.
Insurance for antique cars covers the requirements of owning, maintaining, and driving unique vehicles. Additionally, your automobile will be protected even when it is in storage or a shop.
4. Standard Qualifications
Collector car insurance is not for all old-fashioned cars. First of all, it should not be your everyday vehicle. The vintage car should not exceed 8,000 kilometers per year. Next, your automobile should be more than 25 years old and well-maintained. However, age restrictions vary among companies. Some consider some old vehicles that were mass-produced ineligible. Other insurance carriers allow some newer models to considered classic cars.
It is also essential to ensure your car is at least at the original factory value, if not above. Even though some factors differ, these qualifications apply to most antique insurance plans.
Standard auto insurance policies are not the best option for your vintage car. A clean driving record is necessary if your vehicle falls under the antique category. Your automobile should also be in good condition or undergoing restoration. Always consult with your insurance agency before choosing a plan. When looking for reliable insurance for antique cars in Portland, look no further than AOA West Insurance – your number one family-owned agency.