Classic Car Insurance Tips
You may want the best classic car insurance for your vintage car. There could be various options for classic car insurance, but you may need to look beyond your current insurance agent. Some owners of vintage cars might simply make their classic car insurance part of a regular car insurance policy, but this may be a mistake.
You may not want your regular vehicle and your classic car to have the same insurance. A regular car might depreciate in value, and its insurance could reflect that fact. But a classic car may well appreciate in value. The best classic car insurance may have payouts that could reflect that fact.
Classic car insurance may come with restrictions. You might not be allowed to drive the car more than 5,000 miles in a year. You may also need to have another car registered that you could use for your regular daily driving.
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There could be three kinds of classic car insurance policies:
In agreed value, there could be no appreciation. The value that you and the insurance company might agree on could be changed in the course of the classic car insurance policy to help adjust for value increases.
In stated value, you may be able to declare the car’s value as being larger than its depreciated book value. This kind of classic car insurance might help pay up to the declared amount and may not consider appreciation.
In actual cash value, the insurance adjuster could decide how much your car might have depreciated and may determine the worth of your classic car.
Some policies for classic car insurance may have a minimum age requirement that could be as much as 30 years old.
When looking for the best classic car insurance, look into insurance companies’ customer service. Make sure they could be able to deal with your make and model and understand that getting new parts on classic cars may be more pricey and time-consuming.
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