Acquiring antique car insurance US is important if you happen to be the proud owner of a collector car or an old classic.
Seriously, check out this beautiful old 1930 Ford Model A Pickup. Isn't it a beauty?
This isn't the type of vehicle you run around in every day, and that's a signal right there that you don't want your everyday, run-of-the-mill, auto insurance coverage. You want something a little bit more special.
Special doesn't have to mean "expensive" though that is usually our first thought.
There's enough competition these days among insurers who provide collector car insurance, that you can get a reasonable deal if you know what to ask for and what specific points to make when inquiring for a quote.
Your car doesn't have to be as old as this example to qualify for antique auto insurance either. Classic cars as young as 20 years old can qualify for coverage in some cases.
If you have an older vehicle that you take exceptional care of and only drive occasionally (not your everyday transport), it's worth checking on getting some antique car insurance US coverage.
You're probably already familiar with the concept of Agreed Value when it comes to insuring antique or classic cars. Just in case this is all new to you, let me briefly discuss this concept.
Generally speaking, auto insurance covers the Actual Value of your vehicle. That figure is estimated based on the year and condition of the car and often includes the Blue Book estimate when the determination is made.
For many classic cars that are in good condition or have become genuine collectables, that value may be seriously off. You could find yourself with insurance coverage that is much less than the replacement value of your vehicle.
One of the specialties of those that insure collector cars is to offer their clients an Agreed Value coverage rather than Actual Value. You and the insurer agree on the value of the car in question and design the policy accordingly.
Inevitably, this may mean that your premiums are higher (based on the agreed value of your car), but it will also mean that you won't end up losing a bundle should you happen to have a serious accident or damage.
You may be tempted to skimp on the Agreed Value to keep your premiums down (that would be my tendency), but consider whether it would really be worth it if you suffered a loss.
Another consideration when purchasing antique auto insurance in the US is whether or not to report any modifications you've made to the vehicle to the insurance company.
Again, the temptation will be to assume that what they don't know won't hurt them. That may be true, but it could hurt YOU!
If you ever have to file a claim and it is discovered that you have modifications on your vehicle that were not specified, there is a good chance that the company can legally refuse to pay your claim.
Even if you report your modifications and have them covered, be sure that you understand exactly what is covered and for how much. There are usually coverage limits to modifications that are much lower than your regular limits, so don't be afraid to ask questions until you fully understand your policy.