| u are covering your antique or classic car under a | | | | about them. |
| regular insurance policy, you may be paying too | | | | The appraiser checks the vehicle thoroughly for |
| much. Most people don’t use their antique | | | | the final report. If she can, she will run the car and |
| cars every day and so there it is better of get a | | | | take note to the condition. She will also be taking |
| policy that is geared towards an antique car that | | | | a lot of pictures, to add to her detailed document. |
| would take that into consideration. You will | | | | She will include a record of similar vehicles with |
| probably pay less for it. | | | | their prices. The appraiser bases her list on |
| For insurance companies there is a difference | | | | various sources such as car price guides, |
| between old, classic and antique cars. The criterion | | | | advertisements, auction and sale results; and |
| usually differs depending on the company. In | | | | other documents related to the car. |
| general, the definition of a classic car is that the | | | | In addition to an appraiser, the insurance policy |
| car must be between fifteen to thirty years old, | | | | company needs information such as make, color, |
| it must be something of worth to a collector and | | | | model, body style, and year. Engine number and |
| the car must be in good form. | | | | Vehicle Identification Number (or VIN) could be |
| An antique car is classified as a thirty year old | | | | asked for. Cars such as a Ferraris or Corvette |
| vehicle. It has historic plates and can only be | | | | must have a VIN for verification. |
| driven as part of a show. If an old car | | | | Another good reason for putting your classic or |
| doesn’t fit either of these requirements | | | | antique car under the proper insurance policy is |
| then, it is simply an old car that can’t be | | | | that they would most likely understand what the |
| insured under the special policies available. This is | | | | car needs and what concerns you have about |
| classification is necessary because there are some | | | | your vehicle. |
| companies that deal exclusively with classic or | | | | There are three types of insurance for an antique |
| antique cars and they generally have lower | | | | or classic car. There is the actual cash value |
| insurance fees attached. | | | | (ACV); agreed value (AV); and stated value (SV). |
| You may get your car appraised if you think that | | | | If your insurance policy is under the heading of |
| its value is much more than what the book | | | | actual cash value (or ACV), then the value is set |
| states. The appraisal process includes the car | | | | for the cost of the car at the time of being |
| becoming officially recorded with a list other cars | | | | insured. This value decreases with time, if the |
| that are considered to be under that same value | | | | insurance is needed, an insurance claim adjuster |
| bracket. | | | | will decide how much the ACV is. |
| To select a proper appraiser you could contact | | | | With the stated value (or SV), the insurance pays |
| the American Society of Appraisers (or ASA for | | | | either the fees related to damage of the vehicle |
| short). When you are selecting your candidate, | | | | or the ACV depending on which costs less. The |
| look at their resumes. It is best to have an | | | | AV is the better of the three. When you get |
| appraiser that has worked with your make of | | | | your AV policy, you are guaranteed a degree of |
| vehicle in the past, and knows a lot about it. | | | | coverage regardless, if anything happens to your |
| Check their references for more information | | | | vehicle. |