Auto Insurance for Antique Cars

If
a deceased relative left you the contents of a garage in their will,
what would you think was in the storage space? Unless you had a
particularly interesting, creative, or wealthy relative, you probably
wouldn’t have high expectations. The family of the late Dr. Harold
Carr found a 1937 Bugatti in the
garage he had left to them. The fortunate family sold the antique car for over four million dollars. If you are an antique vehicle
enthusiast, you are in good company. There are fantastic car shows
all over the world, groups, and internet resources to support
your hobby.


Do
you own an antique car? Have you ever helped to build or revamp a
vehicle? It is hard work to maintain an investment like a car. Even
if your car is carefully sheltered in a garage, you have to deal with
rust, weather changes, and other problems. If you want to enjoy
driving your antique, you need to clean it and check the parts more
regularly than newer vehicles. But if cars are your passion, this
maintenance is just part of the adventure.


You
have invested time and money into your vehicle, but is it fully
protected? New cars depreciate in value. If you sold the car you
bought new in 2005, it would sell for much less than the price you
paid for it new. Therefore, if your car is totaled, your insurance
will not pay as much as the purchase price to replace your car. If
you have a newer car, regular auto
insurance
will provide you with the protection you need. However,
if your car is worth more on the antique market than it would be on
an insurance claim, you may want to explore an alternative called
stated-amount-coverage with your Washington
State insurance
agent. If you receive actual cash value in your
auto insurance plan you must document your vehicle with photographs
and descriptions. This is a good idea no matter what your policy is
for your car because to get the value appraisal you will need
documentation.


Safe
driving!


Sources:

Hungwlmann,
Jack. 
Insurance
for Dummies
.
2nd ed. Indianapolis: Wiley Publishing Inc., 2009. 71-72. Print.

“World’s
Most Expensive Classic Cars.” 
The
Most Expensive Journal
.
N.p., 8 June 2010. Web. 15 Oct. 2011.

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