What Is A Vintage Car?
The thing to know even before getting your car insured is if it is a vintage car or not. And to know that, you should what the definition of a vintage car is. Like all good things in life, this has no exact and universal definition. Definitions vary across states and counties, between owners organizations and even between insurance companies. While collectors and state governments will have their own definitions and argue in its favor, you’ll have to understand what your auto insurance company considers as a vintage car. It is important to read the fine print in the insurance policy you would be opting for, or review the one if you already have one.
What Is A Vintage Car Insurance?
Vintage cars are different than normal cars, and this is why the car insurance of your vintage will be different than the car insurance of a car you drive on a regular basis. There are two things which make the car insurance of vintage cars entirely different: one is that they are not driven on a regular basis, and some are rarely brought on the roads, and second is that they are stored securely.
The cars we drive on regular basis are insured to their actual cash value. This actual cash value is equal to its market cost which is the cost which will always be less than the cost of the same car in the available in the showroom due to depreciation.
In a stark contrast to this, vintage auto insurance covers your collectible vehicle for the agreed value, often called as the guaranteed value. This value is mutually agreed to by both the owner and the insurance company. The agreed value is based on respected collectible car valuation guides, a professional appraisal, and research by the underwriter, and the negotiation ability of the car owner.
The value of the automobiles that we drive on a daily basis i.e. to work, to stores, our favorite destinations decreases over time, while on the other hand, by their very nature, the value of vintage cars generally increases with time if they are well cared for.
How To Find The Right Insurer?
Once you have determined that you own a vintage car, and subsequently it’s agreed value and the intended use, and then comes the search to find the right insurer. The best place to start is considered your regular car insurance company which insures your regular automobile. Many of the major insurers also provide policies for vintage cars. Then, you can also check the specialty insurers. The only thing to know and give a thought about is the different definitions that the insurance company will use, and its terms and rates.
It is important to find the right insurer even if it takes a little time of yours initially. Even if you do find a good insurer, the key is to shop around a little more and compare the rates and coverage for your unique car. This is to save time and money in the future. An important thing to note is that vintage auto insurance is mostly less expensive and very affordable as compared to your regular auto insurance, it may even cost only a third of your regular auto insurance. The reason for this is that owners take extra care of their vintage cars.
What Does A Vintage Car Insurance Company Require?
A vintage car insurer may require some specific conditions for you and your car to be eligible for the coverage. It may include that your car must be stored in a garage or that it would be driven rarely or even a proof that you have another car to drive on a regular basis. An important thing that your auto insurer will see is that your vintage car is in good condition. He may also need that it is as close to the original factory specifications as possible.
Vintage Car Insurance Coverage
The insurance of a vintage automobile is pretty much like the insurance of your regular automobile. The optional coverage, besides the standard ones as collision and comprehensive, are unique to vintage cars. The various options offered by most vintage car insurance companies are:
- Roadside Assistance: This includes towing your vintage car with only a flatbed tow truck so as to ensure that wear and tear does not occur to your car while transporting it to a repair shop or back to your house.
- Coverage For Spare Parts: You would also get coverage for the spare parts at the agreed parts in case they are stolen or destroyed.
- Auto Show Medical Reimbursement: This is for if someone sustains an injury at an event or an exhibit featuring your car.
- No Attendance Required: This coverage is for times when your car is at display and you are not around. It can include your car being displayed by a dealer authorized by you. You would be covered in these circumstances.
The Bottom Line
Vintage car owners should enjoy their life and their car. Their car should always be covered considering that the unexpected can happen anytime. Your vintage auto insurance protects your priceless vintage and lets you sleep at peace knowing that your vintage car is safe and protected. Therefore, you should put in the time and the efforts needed to find the right vintage auto insurance for your unique car.