It is important to know that car insurance companies don’t really consider antique classic cars as normal cars. In this case, these special cars could be treated differently. Antique classic cars are different compared to the one that we use for day to day usages.
However, standard cars will go down in value every year. On the other hand, antique cars could start to increase in value, if they are properly maintained. It means that as our car has higher values, the premiums would go higher. This is something that we need to consider if we have an urge to purchase a historic motor vehicle.
It is important for us to know what we want as a collector. We should also have the passion to keep our antique car in proper conditions. This is an important fact to consider, because we need to make sure that the car will increase in value consistently, as the years go by. It is something that’s the exact opposite of standard car market.
The antique car community has specific standards to define how cars should be valued. We should know that just by spending a lot of money in restoring the condition of the car, it doesn’t mean that the overall value of the car will match the amount of money that we have spent.
Because many valuable cars are special, the insurance company may bring their experts to expect the condition of the car. Even if the car has been examined directly by the insurance company, we still need to provide latest photos of the car. This is an important factor during the valuation process.
If we can do things properly, the actual premiums could actually be quite low. Insurers know if we are serious about maintaining our antique car. In this case, we should be able to show to the insurance company that we are able to take care of our car. It means that the car shouldn’t be used for the typical day to day commute.
The antique car should be kept inside the garage and brought out only for maintenance and during special events. There are factors to consider when choosing the proper antique car insurance policy. The coverage should provide us with enough financial protection if we are sure that our car is valuable enough. The coverage should also include foreign travel, if we plan to bring the car outside the country for special exhibitions.
If we do this, we should consider different factors, such as labor, spare parts and shipment to a foreign country. Some insurers could define limitation on the annual mileage. This factor could prevent us from using the antique classic car as our own family car. However, there are other insurance plans that don’t have any kind of restriction. However, if we want to keep the overall insurance costs down, it is probably a good idea to choose plans with limited annual mileage. If we choose a flexible mileage, we could be concerned at the final insurance costs.