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What to Know About Antique Car Insurance

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classic red convertible car at sunsetNavigating conventional car insurance can be confusing enough. It gets even more complicated when you add an antique auto into the mix. Discover more about this unique type of insurance coverage, to make an informed decision about whether or not you should purchase it for your vintage vehicle.

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Classic car vs. antique car insurance

It’s common to confuse classic car insurance with antique car insurance. But it turns out that these two types of coverage have one major difference: the age of the vehicle.

Per The Drive’s Austin Fracchia, classic cars tend to be at least 10 years old and are appraised at or above the original price of the car. Antique cars, by contrast, are usually significantly older than classic cars. Since all classic vehicles age, each of them eventually reaches the “antique car” category.

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Advantage of antique car insurance

Antique car insurance has one primary advantage over traditional auto insurance. Traditional insurance bases the payout value on the depreciated value of the vehicle. By contrast, antique car insurance bases the payout on a guaranteed value. Both the owner and the provider set this agreed-upon value of the vehicle before signing the policy into place. Per Fracchia, insurance carriers base this value on a variety of factors, such as valuation guides, original vehicle documentation, and a professional appraiser.

Finding the right insurance provider

If you frequently use your antique vehicle, or enter it in shows, getting antique car insurance is a wise choice. Like with any new insurance policy, however, it’s a good idea to research different companies. You’ll also want to compare rates before committing to one. Here are five reputable providers, courtesy of The Drive, to start your research off on a solid footing: Safeco, Hagerty, American Modern, Grundy, and American Collectors.

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News Source: The Drive