Your Vintage Cars and Getting them Insured Author:    Posted under: Auto InsuranceAuto Insurance by Car Types

There are some of us who are fond of collecting things, may it be coins, stamps, toys, action figures, simply anything under the sun.  It may be inexpensive things, or it may be as extravagant as cars.  Vintage cars are one of them.

Vintage cars are those built between the start of 1919 until the end of 1930.  Among the likes of these cars are the Ford Model T and the Duesenberg.  Muscle cars like the Mustang, Camaro, and Chevrolet Corvette also fall under this category.  Picking the right insurance plan for your classic car may be a little tricky compared to insuring your everyday car.  This is because these classic cars actually increases value over time, as opposed to owning any car that depreciates in value over the years.  Remember, choosing the right plan for you will be the first step in ensuring that you and your investment are both well protected.  So what does specialty car insurance entail?

Specialty car insurance has been present for decades. While it is true that it is cheaper than the standard auto insurance, some criteria may have to be met before you can even qualify under the policy.  Among them are owning and using a daily driving vehicle, for one.  Two, the car, along with the driver/ owner, need to be a certain age.  Third, the car may only be driven a given number of miles per year.  Fourth, driving it for commercial use may not be the case, and may only be driven for special activities.   Some policies may even go as far as stating that your car must be parked in a closed-door garage, so you really have to make sure that you read through your quotation so as not to miss out on these details.

The policy for antique or classic cars depends on how old your car is.  The rarer your car, and the more expensive the model, the higher your policy will cost.  However, it should also be a point of note that the value of your car should be discussed thoroughly with your agent.  Prior to signing the contract with the company, make sure that the value indicated for total loss or theft is what the agreed value of your car is.  It may cost more to do this but it is worthwhile, should the aforementioned events happen.  Specialty insurance works on the premise of agreed value, while standard insurance works on actual cash value.  Agreed value means that the company and the owner agree on an amount for the car, and should the car be destroyed, the insurer now pays the owner this amount of money.  Because of the fact that the vintage car actually increases in value over time, it is an agreement between the two parties on how to assess the value of the car.  It can be appraised per year, or an amount may be agreed upon to increase the value of the agreed amount in fixed year intervals.  There may be problems with coming up with an agreed amount, so some insurance companies may consult pricing books—given that no modifications have been made on the car.  If that is the case, then the owner may opt to hire an appraiser to come up with the value of the car and go from there.

Just like standard insurance, the internet may be of great help to you while you are window shopping for the perfect insurance policy.  Also compare quotations from different companies, and make sure that you check coverage and exclusions as well.

You see, a number of options are greatly available for just about anyone who is seeking to insure their vehicle.  Whether you own an economy, luxury, or vintage car, there’s something out there that’s just the right fit for you.


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