Are you Paying too Much for your Classic Car Insurance?

If you cover a classic or antique car with a regular

insurance policy, you may be wasting cash.

USA Insurance Buzz.com

http://www.usainsurancebuzz.com/

It makes far more sense to

find a specialist such as:

• American Collectors Insurance

• Hagerty Insurance

• 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.



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

value policy (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.



To select a suitable

appraiser, you can contact

the American Society of

Appraisers.



The appraiser checks the vehicle thoroughly

before producing a detailed report.



In addition to the valuation

certificate, the insurance

company will need to know

the make, color, model, body

style, year, engine number

and vehicle identification

number (or VIN).



Insuring your classic or antique car with a

specialist is the best way of addressing all the

concerns you have about your vehicle.



www.USA Insurance Buzz.com




Automotive

Are you Paying too Much for your Classic Car Insurance?