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Antique and Classic Cars Insurance

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Antique and classic cars, defined as those built 30-plus years ago, have special needs that differ from traditional vehicles. Regular-use cars are on the road every day but antique and classic cars are typically used for limited pleasure driving, car shows and club events.

As with a typical regular-use auto policy, an antique or classic car policy generally includes the following basic coverages: liability (bodily injury and property damage); collision; comprehensive; uninsured and underinsured motorist coverage; and medical payments or personal injury protection. Collision and comprehensive coverage are optional in most states.

Antique or classic car owners ought to pay special attention to the following issues when purchasing insurance.

• Vehicle Usage: Most collectible cars are rarely on the road. The annual mileage for these vehicles usually ranges from 1,000 to 5,000 miles, and the policy should reflect that limited use.
• Vehicle Storage: Antique and classic car insurers traditionally insist that these types of cars be stored in a fully enclosed, locked garage when not in use.
• Vehicle Valuation: Agreed-value policies are preferable to stated value policies. Agreed value policies guarantee that, in the event of a total loss, the insurer will pay the owner of the car the full amount listed on the policy, minus any deductible. Stated value policies, while rarely sold, are often open to interpretation about the value of the vehicle in the event of a claim.
• Vehicle Condition: Insurers prefer to insure cars that are in excellent condition, and antique and classic car insurers may decline to cover cars that appear to be weathered or that have sustained prior damage. Insurance coverage can usually be obtained, however, while an antique or classic car is undergoing an active restoration.