No question about it, vintage autos have a huge fan base. But while auto insurance for vintage vehicles only covers part of the car\’s worth, it is better than having zilch, in case of theft or damage. These classic vehicles are a passion for many people, saving some of our automotive history in the process.

The value of classic autos increases (not decreases) with every passing year. This is in contrast to newer autos, which reduce in value every year. It is rather complicated to accurately determine the market value of an antique vehicle for insurance coverage.

Making matters worse, there are not too many antique auto insurers available either. These classic \”works of art\” are greatly sought-after by collectors who are at times willing to pay much more than their real value.

Computing Ordinary Car Insurance 101

In the case of an everyday auto that isn\’t old enough to be an antique (usually 20 years), the assessment of the auto is calculated by taking the original cost then depreciating each year from that amount. Obviously, this assumes no major accidents, etc.

For vintage cars, though, it\’s a tricky situation. The cost can\’t be determined using average ways. Even more so since the monetary value of a antique automobile increases over time, not decreases.

Calculating Antique Automobile Insurance 102

There are 3 main ways for calculating the value, insurance-wise, for an classic car.

The First Method: The monetary value is jointly agreed upon between the insurer and the owner. This can yield a higher coverage amount than other two methods.

Method 2: The antique\’s worth is determined based on the recent amounts for similar autos as listed in well-known vintage automobile magazines and current price indexes. In some situations, an third-party assessor might be called in to help determine the value of the car.

Method # 3: A lesser-used means is to estimate the monetary value of the auto as the total of the initial vehicle cost plus the many enhancements and amount spent on repairs and such over the years. In other words, the value of the automobile is the amount determined after deducting the depreciation with age from the original price of the auto, then factoring back in the restoration and upgrades.

Insuring Your Antique Vehicle

Summing to all up, antique auto insurance providers have their own provisions they use to calculate the insurable amount of the antique vehicle. For example, these insurers usually insist that the vehicle being insured should not be used as a means of regular transportation. The insurer may also require that the vehicle be garaged.

Further requirements might include that the antique auto can\’t be used for racing, and that any other members of the household have proven access to other means of transportation. Oh, and the owner has to have a spick and span driving record, to boot.

Whether you call them antique autos, classic cars or vintage vehicles, they are a slice of automotive history…albeit a slice that has to be insured!

Is Your Auto Too Young to Be Vintage? Don\’t Worry, Here\’s FREE Insurance Information!

Your heart might thump hard at the thought of owning a classic, but if you drive an ordinary car, it needs insurance, too. Here\’s some free information on finding affordable auto insurance, wherever you may live.

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