| If you have a classic car, street rod or any vehicle | | | | 2) Stated value: |
| over fifteen years old that is worth more than it | | | | The insurance company pays up to the stated value |
| originally sold for when it was brand new, then you | | | | of the car, but may not guarantee the full stated |
| probably want to have it insured. | | | | value. And deductibles of up to $1,000 usually apply. |
| When shopping for car insurance, insuring your classic | | | | 3) Agreed value: |
| car is going to be a different ball game than insuring | | | | In most jurisdictions, those who provide collector car |
| your regular driving around car. When you buy a | | | | insurance or classic car insurance are allowed to insure |
| classic car insurance policy, you are essentially | | | | for a value that you and your insurer agree upon. |
| purchasing protection for the value of the vehicle as | | | | And for most autos, there is no deductible. If your |
| a collectible. | | | | $100,000 vintage Rolls get trashed, you get a check |
| The time you invest in choosing the right classic car | | | | for 100 grand, plain and simple - which is exactly why |
| insurance coverage is well worth the value and peace | | | | collectors use special classic car insurance coverage. |
| of mind that a quality collector's insurance policy | | | | Last, after you have purchased your insurance, do a |
| delivers for owners of classic automobile. | | | | periodic review of your coverage limits, because |
| To start, lets look at the stipulations or requirements | | | | classic car prices are rising. What you insured your |
| normally encountered while shopping for collector car | | | | cherry classic for ten years ago may be a fraction of |
| insurance or classic car insurance: | | | | what it's worth today. And if you are restoring a |
| * A decent driving record. | | | | vehicle, ask your agent to give you appropriate |
| * At least 10 years driving experience | | | | insurance. |
| * No teen drivers on the policy or drivers with poor | | | | There is no need to pay extra based on mileage |
| driving records | | | | statistics, if your car is up on blocks with no engine |
| * Secure and out of the weather garage | | | | inside it. And as the car's value increases thanks to |
| * Proof that you have another car for daily | | | | your hard work of restoring it, you should raise the |
| transportation | | | | coverage to keep up with the added value of the |
| * Collector vehicle insurance is sometimes limited by | | | | restoration. |
| the age of your car, and if your car is too young it | | | | Keep all your receipts and paperwork - for |
| may not qualify for a particular policy. | | | | everything from parts and labor to expenses incurred |
| * Limited mileage. You probably don't want to drive | | | | to take it to a classic car show - so that you can |
| your creampuff car all the time, and your insurance | | | | document the total investment your collector's car |
| company doesn't want you to either. Mileage limits | | | | represents. And take photos and keep them |
| have increased recently, though, so if you can live | | | | updated, for the same reason. |
| with 250 miles a month you're probably okay. | | | | Classic cars will always have a following but many |
| Second, what is your policy worth? Here is how you | | | | standard insurance companies just do not understand |
| look at insurance. | | | | the special requirements these vehicles have. That is |
| 1) Actual cash value: | | | | why you need to make certain that the agency you |
| This is what you usually get with ordinary insurance, | | | | choose specializes in the area of classic and vintage |
| and is based on replacement cost minus depreciation. | | | | cars. |