If you are a lover of antique cars, then you might be thinking about purchasing a classic car. If you do so, be aware that you should purchase classic car insurance instead of normal car insurance.
The first thing you need to do when buying a classic car is figure out if it’s actually classified as an antique. State agencies, insurance companies, and car owners may have varying definitions. The Antique Automobile Club of America considers any car older than 45 years an antique, whereas some states define it as being older than 26 years and being used as a collector’s item.
When buying classic car insurance, you’ll need to determine the value. This is done via a professional appraisal. You’ll want the insurance to cover the value of your antique car and not the stated value. The terms of your insurance may be a little different too. For example, you may be limited to using the car in certain ways. This means that your terms may limit the use of your car to exhibitions, parades, auto club events, and car shows. They may even have a severe stated mileage limit, as well. Most insurers will also require that you store your classic car in a specific way.
These are some of the things that you should know about buying classic car insurance. For additional information about classic car insurance, or car insurance in general, we invite you to contact us at CCW Insurance today.
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