| No doubt about it, antique (vintage) autos have a | | | | tends to yield a higher coverage amount than other |
| huge fan base. But while auto insurance for vintage | | | | methods. |
| vehicles only covers part of the value, it is better | | | | Method 2: The antique's value is determined based on |
| than having nothing, in case of theft or damage. | | | | the current values for similar automobiles as listed in |
| These classic vehicles are a passion for many people, | | | | popular vintage automobile magazines and price |
| saving some of our automotive past. | | | | indexes that are in vogue. In some cases, an |
| The Corundum of the Vintage | | | | independent assessor might be called in to help |
| The value of classic autos increases each year. This is | | | | determine the value of the automobile. |
| in contrast to newer cars, which decrease in value | | | | Method 3: A lesser-used method is to calculate the |
| every year. It is rather difficult to accurately | | | | value of the automobile as the total of the actual |
| determine the market value of an antique car for | | | | cost plus the many up gradations and enhancements |
| insurance purposes. | | | | and amount spent on repairs etc over the years. In |
| To make matters even more difficult, there aren't all | | | | other words, the value of the vehicle is the amount |
| that many antique auto insurance providers available | | | | calculated after deducting the depreciation with age |
| either. These vintage "works of art" are sought-after | | | | from the original cost price of the vehicle, then |
| by collectors who are at times willing to pay much | | | | adding back in the upgrades and restoration work. |
| more than their actual value. | | | | Insuring Your Vintage Vehicle |
| Computing Ordinary Car Insurance 101 | | | | To sum it all up, antique auto insurance providers |
| In the case of an ordinary automobile that isn't old | | | | have their own set of rules they use to determine |
| enough to be an antique (usually 20 years), the value | | | | the insurable amount of the vintage vehicle. For |
| of the auto is determined by taking the original cost | | | | example, these insurance providers usually require |
| then depreciating each year from that dollar amount. | | | | that the automobile being insured should not be used |
| Of course, this assumes no major accidents, etc. | | | | as a means of regular transportation. They may also |
| For antique automobiles, though, it's a tricky | | | | require that the vehicle be garaged. |
| situations. The price can't be determined using normal | | | | Additional requirements may include that the vintage |
| methods. Especially since the value of a vintage | | | | auto cannot be used for racing, and that any other |
| vehicle increases over time, not decreases. | | | | members of the household have proven access to |
| Computing Vintage Auto Insurance 102 | | | | other modes of transportation. Oh, and the owner |
| There are three main methods for determining the | | | | has to have a spotless driving record, to boot. |
| value, insurance-wise, for an antique auto. | | | | Whether you call them antique autos, classic cars or |
| Method 1: The value is mutually agreed upon | | | | vintage vehicles, they are a slice of history...albeit a |
| between the owner and the insurance company. This | | | | slice that has to be insured! |