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Insuring a Vintage Automobile   

There are two main phases in the purchase of insurance for a vintage auto: searching for companies, and negotiating the actual coverage. Here is some advice for successfully navigating each phase:

 Searching for Companies 

Before you even begin searching for collectible or classic car insurance, there are three insurance terms that you need to be familiar with, all of which have to do with valuation, and how coverage is determined. Those terms are:

·        Actual Cash Value: Policies based on this will payout the "book" value of your car minus depreciation. This is used for most mainstream cars, but not the kind of coverage you want for a vintage vehicle.

·        Stated Value: While the coverage is based on a value that you provide (or state) to the insurer, that value is the maximum payout; in the event of a total loss, the insurance company may choose to pay less.

·        Agreed Value: The best option for antique autos, this coverage is based on a value that you and the insurance company come to together, meeting the gap between your work in retrofitting and/or restoring your car, and their concern over risk. And they do payout the actual value.

Negotiating the Policy Details

 Once you get to the negotiating table with your insurance company's representative, your goal is to arrive at a level of coverage that is both affordable and appropriate for your car. To do this, you must be able to document the history and value of your vehicle, as well as the way it will be used and maintained.

Specific questions you should be able to answer, both for yourself and your insurer include:

·        What is the value of the car? If you haven't had your car evaluated by a certified auto appraiser, you should do so before you sit down to discuss policy details, or be prepared for the insurance company to request one. Either way, you should have a good idea of the real worth of your car before you even begin talking.

·        What's the Likely Liability? All of the major classic car insurance companies allow some leisure driving of the cars they insure, but in order to obtain coverage, you'll need to have another, adequately insured car for daily use.

·        What About Repairs? Over the life of your car, will you be doing repairs yourself, or will you use a reliable mechanic? Will you need extra coverage for theft or damages while your car is in the shop? If the car is still being restored, this question still applies.

·        What Paperwork is Required? Insuring a classic car is all about the documentation. You'll need to have records of the age of your car, any restoration work you've done, or plan to do, how you plan to use the car, and how you plan to store it.

 Other Things to Know

In addition to the issue of valuation, you should be prepared for the fact that there will be some standard requirements and restrictions imposed by almost every classic car insurer. These typically include:

·        The afore-mentioned second car for daily use

·        A minimum age of 25 or ten years of driving experience for all drivers named on the policy.

·        Annual mileage limitations.

·        A clean driving record.  

At this point you may be asking yourself if you really need a classic car insurance policy. The answer is yes, and the reason is very simple: a mainstream insurance company will look at your vintage automobile, and instead of the lovingly restored collectible that a classic specialist will see, they will merely see an old car, and they will not give it the value it deserves.