CLASSIC CAR INSURANCE

CLASSIC CAR INSURANCE

If you cover a classic or antique car with a regular insurance policy, you may be wasting cash. It makes far more sense to find a specialist such as:

•American Collectors Insurance

•HagertyInsurance

•Grundy Insurance.

Insurance companies make the distinction between old, classic and antique cars. Classic cars are between 15 and 30 years old and something of special worth to a collector. Antique cars are over 30 years old, have historic plates and can only be driven as part of a show.

Types of Insurance Policy

There are three types of insurance policy for an antique or classic car:

•Actual cash value(ACV)

•Agreed value(AV)

•Stated value(SV).

With an actual cash value policy, the value is set to match that of the car at the time of being insured. (This value decreases with time.)

With the stated value policy, the insurance pays either the cost of the damage to the vehicle or the ACV (whichever is the lower).

With the agreed valu epolicy (the best of the three), you are guaranteed the sum agreed on the current agreed valuation certificate.

The valuation process includes the car becoming officially recorded with a list other cars that are considered to be under that same value bracket.