How to Insure Used Cars & TrucksReference Library Index
Most every state in America and many other countries require vehicle insurance and there are thousands of companies to choose from. There are also websites that simply provide links to get quotes from a list of insurance companies. However insurance for a valuable antique, vintage or classic car or truck is more specialized and you should be careful about the selection. If you live in Great Britain the folks at aviva.co.uk may be able to help.
There are several unique issues to consider before buying antique, vintage or classic car insurance. First you will need to know and have proof of the actual appraised value. The "actual" value may differ from the value shown in value guides such as NADA's because it factors in the current condition and market for that particular vehicle. The insurance company will most likely require that you hire a professional appraiser for this and that is for your benefit because it will assure that you get the full value if an accident occurs. Next, you will need to find an insurance agent who understands the problems associated with repairing vehicles that are no longer supported by OEM or aftermarket parts. For example, replacing parts on a 1943 Rolls-Royce Phantom III may require that they be made by a skilled craftsman, which could be very expensive. And then there are all the issues associated with just owning collectable car, such as storage, transportation and careless people at car shows.
Fortunately car collections have become a very popular investment so there are a number of large insurance companies that specialize in antique, vintage and classic cars, trucks, hot rods, roadsters and muscle cars. Start you search on the Internet by using the key words "antique car insurance" or "classic car insurance" and include your zip code, cite or state to narrow the search area. Then make a list of several and start asking questions of both the agents and the local car owners until you find someone who will meet your needs and that you feel confident in.
Be very leery of scams and misleading advertising. Insurance is a big business and most companies will pay a finder's fee to those who steer customers their way. This has given birth to a whole new industry of people who do nothing but try to direct unsuspecting shoppers to their sponsors. It is best to stay away from websites that offer to find you the cheapest insurance and do the research on your own because your ultimate decision should be based on services and reputation rather than simply the cost.
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