How much more insurance do you need for antique cars?

Congratulations!  You took the plunge and decided to invest in an antique car.  Or maybe you have been restoring one for some time and she is finally road worthy.  Before you take her out for a spin, you will want to make sure you have the right insurance for your new toy.

Antique cars require a bit more insurance than regular vehicles as they are typically a bit more expensive to restore or replace.  If you restored your own car, you know that finding parts can prove to be a difficult and time-consuming task.  That is why there is specific antique cars insurance available. Antique cars insurance offers unique coverage that takes into consideration the restored value of your vehicle.  For example, you may have found a beat up old 1955 Ford Fairlane Sunliner Convertible for the unbelievably fantastic price of $2000 at a friend’s garage.  However, once you finished restoring it the vehicle is worth more than ten times that price.  Your antique cars insurance will take that increased value into consideration if an accident happens and you need to file a claim.  If you were to file under your regular auto insurance, you could probably only reclaim up to the $2000 you paid for the car originally.

Antique cars insurance can be written on an Agreed Value basis which means you and your agent will negotiate a value and the policy will be written using that value as a replacement cost.  If your Ford Fairlane could sell for $20,000 in today’s market, you might want to use that as a replacement value.  Also, your vehicle’s condition is taken into account.  The more restoration that is completed, the higher the value of the vehicle.  If you are not sure about the value of your vehicle, have it appraised and give us a call to discuss the right antique car insurance policy for you.

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