Antique Car Insurance

Antique Car Insurance

Antique Car Insurance
If you​ are covering your antique or​ classic car under a​ regular insurance policy,​ you​ may be paying too much .​
Most people don’t use their antique cars every day and so there it​ is​ better of​ get a​ policy that is​ geared towards an​ antique car that would take that into consideration .​
You will probably pay less for it.
For insurance companies there is​ a​ difference between old,​ classic and antique cars .​
The criterion usually differs depending on​ the​ company .​
In general,​ the​ definition of​ a​ classic car is​ that the​ car must be between fifteen to​ thirty years old,​ it​ must be something of​ worth to​ a​ collector and the​ car must be in​ good form.
An antique car is​ classified as​ a​ thirty year old vehicle .​
It has historic plates and can only be driven as​ part of​ a​ show .​
If an​ old car doesn’t fit either of​ these requirements then,​ it​ is​ simply an​ old car that can’t be insured under the​ special policies available .​
This is​ classification is​ necessary because there are some companies that deal exclusively with classic or​ antique cars and they generally have lower insurance fees attached.
You may get your car appraised if​ you​ think that its value is​ much more than what the​ book states .​
The appraisal process includes the​ car becoming officially recorded with a​ list other cars that are considered to​ be under that same value bracket.
To select a​ proper appraiser you​ could contact the​ American Society of​ Appraisers (or ASA for short) .​
When you​ are selecting your candidate,​ look at​ their resumes .​
It is​ best to​ have an​ appraiser that has worked with your make of​ vehicle in​ the​ past,​ and knows a​ lot about it .​
Check their references for more information about them.
The appraiser checks the​ vehicle thoroughly for the​ final report .​
If she can,​ she will run the​ car and take note to​ the​ condition .​
She will also be taking a​ lot of​ pictures,​ to​ add to​ her detailed document .​
She will include a​ record of​ similar vehicles with their prices .​
The appraiser bases her list on​ various sources such as​ car price guides,​ advertisements,​ auction and sale results; and other documents related to​ the​ car.
In addition to​ an​ appraiser,​ the​ insurance policy company needs information such as​ make,​ color,​ model,​ body style,​ and year .​
Engine number and Vehicle Identification Number (or VIN) could be asked for .​
Cars such as​ a​ Ferraris or​ Corvette must have a​ VIN for verification.
Another good reason for putting your classic or​ antique car under the​ proper insurance policy is​ that they would most likely understand what the​ car needs and what concerns you​ have about your vehicle.
There are three types of​ insurance for an​ antique or​ classic car .​
There is​ the​ actual cash value (ACV); agreed value (AV); and stated value (SV) .​
If your insurance policy is​ under the​ heading of​ actual cash value (or ACV),​ then the​ value is​ set for the​ cost of​ the​ car at​ the​ time of​ being insured .​
This value decreases with time,​ if​ the​ insurance is​ needed,​ an​ insurance claim adjuster will decide how much the​ ACV is.
With the​ stated value (or SV),​ the​ insurance pays either the​ fees related to​ damage of​ the​ vehicle or​ the​ ACV depending on​ which costs less .​
The AV is​ the​ better of​ the​ three .​
When you​ get your AV policy,​ you​ are guaranteed a​ degree of​ coverage regardless,​ if​ anything happens to​ your vehicle.

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