If you plan to start collecting antique cars, it is important that you take the time to get the right auto insurance policy for the vehicles before you start taking them to shows or events. Many people do not realize there are specific things that must be addressed in an insurance policy involving an antique car. The following guide walks you through a few factors to discuss with your insurance agent when insuring your antique car.
The Rarity of the Car
The rarity of the car impacts the policy that you need for your insurance coverage because rarer cars are often more valuable. Also, the rarer the car is, the harder it will be to find parts for it, if it is involved in an accident. If you have full coverage on the car, the insurance company will have to pay for the hard-to-find parts, which could be quite expensive.
The Condition of the Car
The current condition of the car is important when getting an insurance policy because older cars often have some issues with them. If your car is in perfect condition or has been restored, the value of the car will be much higher than a car that is falling apart. The higher the value of the car, the higher the coverage amount will be.
The Use of the Car
How you plan to use the car is important because the more it is on the road, the chances of getting into an accident will be increased. If you plan to only use the vehicle for parades, events, or car shows, let the agent know because this could decrease the amount of money you pay for your policy.
The Storage of the Car
How you store the car directly affects the cost of your insurance coverage, as well. If the vehicle will be stored in a storage unit or garage, your insurance will be lower because the chances of a branch falling on it or someone running into it will be much lower. You may have to prove where the vehicle is being stored to the insurance company through photographs or paperwork.
These factors impact the overall condition of the car currently and in the future. Knowing the true value of the car and how you plan to keep it in good condition will help the agent determine how large or small of a policy you need and what they can do to help you pay the lowest rate possible for that particular insurance policy. For more information, contact a professional like those at Meyer's Insurance Ltd car insurance.Share