Considerations for finding cheap car insurance for classic cars

Insuring Your Antique Car – A Brief How To 

A well-maintained vintage car is the pride of its owner and the envy of onlookers on the road. For a loving owner, the price of maintaining a rare 1920 model is nothing compared to the joy of your one-of-a-kind beauty in your garage.

Safety is part of the personalized care that such an automobile demands. Still, there’s nothing stopping you from getting cheap car insurance while being protected by a policy that offers comprehensive coverage for your dream machine. But before actually sealing the deal, there are certain things you need to be aware of:  

Valuation

As vintage owners intuitively know, a classic automobile is different from a regular car. In money terms, this translates to a different valuation. Your options are: 

• Real Cash Value
  For the average car, depreciation is an important factor in insurance coverage. However, anything vintage and rare doesn’t lose its value with age, but rather gains it with each passing year. Real cash values work for regular cars, but not really for vintage.  
  
• Stated Amount
  Opting for the stated amount will enable the insurance provider to fix the maximum amount you can claim for insurance. You will be compensated with the lesser amount of the following:

• Stated amount or 
• Damage repair cost (lower than stated amount). 

This policy, too, doesn't account for the car's true value and might force you to make a hefty withdrawal from your savings if your classic gets into an accident and needs significant repairs. So even at the cost of refusing a cheap car insurance policy, don’t accept an offer that doesn’t the maximum protection possible.

• Agreed Value
  Recommended as the best valuation for vintage and classic automobiles; the insurance provider factors the car's real value, and updates the market value whenever you renew the insurance policy.

The agreed value policy is a win-win situation for both the insurance provider and the car-owner. While this insurance is relatively more expensive than other plans, it offers optimum coverage for damage or theft of a classic vehicle.