Thousands of people have a passion for fixing up old cars. The hobby of turning a beat up vehicle into a piece of art brings many people joy. It is important for these people, who have put so much time, money, and heart into the upkeep of these vehicles, to protect their investment by purchasing a quality insurance policy.
An “antique car” is most often considered to be a vehicle that is 25 years old or older. Many collector cars are antique vehicles. There is a special kind of insurance for owners of these cars. The policy is called “antique car insurance” and is widely available all across the country. Some insurance companies specialize in covering these antique vehicles. It is typical that the value of an antique car is negotiated between the owner and the insurance company. Finding the value of an older car is much more difficult than determining the value of a Toyota Corolla from 2003. There are sentimental attachments involved. More concrete ways of determining the value include:
- Assessing the overall condition of the car
- Amount of repair work
- Total miles
- Yearly miles
- Purpose of car (show or transportation)
- Appreciation or depreciation
After these factors are carefully considered, the owner and insurance company will come to an agreement about the total value of the vehicle. This will be the basis for the policy. Just like when buying car insurance, other factors, such as a driving record and location, will play into the cost of the policy. Deductible amounts and types of coverage will be the final step in determining the premium of an antique car insurance policy.
