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Classic Car Insurance
By Hanna Nilson


While classic cars are pretty to look at, they’re probably not the safest vehicle to be driving on today’s fast-paced modern roads. If you are the owner or driver of a classic car, be sure to have the appropriate classic car insurance.

Unlike regular cars, classic cars can become increasingly valuable as they get older. However, if you’re the owner or collector of classic cars, you will know that these vehicles aren’t driven as often as your regular or day-to-day car. So why should you have to pay as much or, in some cases, even more for your classic car insurance as the insurance you pay for any other car? If you’re looking to save some money on classic car insurance, here are a few things you can do to insure some savings.

There are many reasons for why people keep or collect classic cars. Nowadays, one of the more popular reasons for an interest in classic cars is their value as an investment. Accordingly, people will pay a lot of money if they feel the returning benefits are worth it. Part of the bargain for investing in classic cars is paying for this particular type of classic car insurance. To help you get started, here are some suggested classic car insurers to check-out:

  • ClassicIns.com

  • AutoInsure.org

  • HeacockClassic.com

Whichever classic car insurance agency you decide to work with, always remember to make sure that the insurance policy fits your needs. Every classic car is unique. Therefore, it would be appropriate to have a more personalized insurance plan. For example, take advantage of the “restrictions” on your classic car. If you’re only driving your classic car for special occasions, such as classic car shows or parades, it would be best to find the right classic car insurance plan which can protect your car for such use.

When working with your insurance agent, be sure to address the issue of “Agreed Value” and “Stated Value”. As they say, better safe than sorry. This is especially true for something as valuable as an antique or classic car. By determining your classic car’s “agreed” or “stated” value, you insure full coverage in case you suffer a loss. Remember to be clear on the differences between these two policies.

  1. “Agreed Value” will underwrite an agreement on the value of your classic car. In case you suffer a loss on the vehicle, there will be a predetermined value on the classic car between you and your insurance agency. The only down-side to this is if you own your classic car for long enough for it to have accumulated value. If your classic car ends up accruing more value over time but are tied to an agreed value plan, you may not get the full updated return amount. Be sure to discuss this policy with your agent.

  2. “Stated Value” means that you establish a premium based on you initial estimate on the classic car value. However, in the case of a loss, your classic car insurance coverage will be set by the insurer based on how they determine the car value. When it comes to classic cars, be advised that this may cause some problems based on a disagreement over the worth of your vehicle. In the end, they might not always calculate its value as you see fit.

Overall, how you select your classic car insurance may make or break your intensions for profitability. If you are looking to care for your classic car as an investment, treat your insurance company accordingly. Car insurance in general, is tricky business; classic car insurance, on the other hand, requires real expertise. As long as you do your research and know exactly how your classic car will be covered; you really shouldn’t have too much to worry about. That is the goal.


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