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					Title:
Antique Car Insurance


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586


Summary:
If you are covering your antique or classic car under a regular insurance policy, you may be paying too
much. Most people don’t use their antique cars every day and so there it is better of get a policy that is
geared towards an antique car that would take that into consideration. You will probably pay less for it.


For insurance companies there is a difference between old, classic and antique cars. The criterion usually
differs depending on the company. In general, the def...



Keywords:
car insurance, insurance, antique car insurance



Article Body:
If you are covering your antique or classic car under a regular insurance policy, you may be paying too
much. Most people don’t use their antique cars every day and so there it is better of get a policy that is
geared towards an antique car that would take that into consideration. You will probably pay less for it.


For insurance companies there is a difference between old, classic and antique cars. The criterion usually
differs depending on the company. In general, the definition of a classic car is that the car must be between
fifteen to thirty years old, it must be something of worth to a collector and the car must be in good form.


An antique car is classified as a thirty year old vehicle. It has historic plates and can only be driven as part of
a show. If an old car doesn’t fit either of these requirements then, it is simply an old car that can’t be insured
under the special policies available. This is classification is necessary because there are some companies that
deal exclusively with classic or antique cars and they generally have lower insurance fees attached.


You may get your car appraised if you think that its value is much more than what the book states. The
appraisal process includes the car becoming officially recorded with a list other cars that are considered to
be under that same value bracket.


To select a proper appraiser you could contact the American Society of Appraisers (or ASA for short).
When you are selecting your candidate, look at their resumes. It is best to have an appraiser that has worked
with your make of vehicle in the past, and knows a lot about it. Check their references for more information
about them.
The appraiser checks the vehicle thoroughly for the final report. If she can, she will run the car and take note
to the condition. She will also be taking a lot of pictures, to add to her detailed document. She will include a
record of similar vehicles with their prices. The appraiser bases her list on various sources such as car price
guides, advertisements, auction and sale results; and other documents related to the car.


In addition to an appraiser, the insurance policy company needs information such as make, color, model,
body style, and year. Engine number and Vehicle Identification Number (or VIN) could be asked for. Cars
such as a Ferraris or Corvette must have a VIN for verification.


Another good reason for putting your classic or antique car under the proper insurance policy is that they
would most likely understand what the car needs and what concerns you have about your vehicle.


There are three types of insurance for an antique or classic car. There is the actual cash value (ACV); agreed
value (AV); and stated value (SV). If your insurance policy is under the heading of actual cash value (or
ACV), then the value is set for the cost of the car at the time of being insured. This value decreases with
time, if the insurance is needed, an insurance claim adjuster will decide how much the ACV is.


With the stated value (or SV), the insurance pays either the fees related to damage of the vehicle or the ACV
depending on which costs less. The AV is the better of the three. When you get your AV policy, you are
guaranteed a degree of coverage regardless, if anything happens to your vehicle.




auto insurance companies

				
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posted:7/26/2012
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