Finding cheap car insurance for your antique car

How to Get Cheap Car Insurance for Your Antique Car

There are few things more exciting than driving down the road in a classic built in the 1920s. Antique cars are the pride of their owners, and no price is too small when it comes to their security and maintenance. However, this doesn’t mean that you have to pay more to insure them.

It’s recommended that you opt for an insurance agency that specializes in classic cars. However, if you’re offered cheap car insurance with good coverage by a reputable agency, don’t think twice before signing the dotted line.

Here are few things to keep in mind before purchasing antique auto insurance:

Valuation

A classic car will be valued a little differently from regular vehicles, and you have three different options to choose from:

• Real Cash Value: The coverage given will depend on the market value of the car minus depreciation. While this works for regular vehicles, you should obviously refuse this clause if your classic car is highly valued.
• Stated Amount: The agency will set the maximum amount it will shell out if you file a claim. It will compensate you for the lesser of either the 1) stated amount or 2) the cost of repairing the damage (as long as it’s lower than the stated amount). Since this valuation also doesn’t address the true value of your car, it’s also not the best policy to buy.
• Agreed Value: This is by far the best valuation you can get on your classic car. The insuring company will set a fair market value (the real value) on the car, and each time the policy is renewed, the market value too will be reviewed. This works best for both parties, and while it won’t come cheap, the ‘agreed value’ policy will provide you with the best coverage in case your antique car gets damaged or stolen.

Going for cheap car insurance still makes some sense if you drive a regular vehicle. But if you’re someone who takes pride in driving a classic, you can't afford to be cheap.