People collect antique cars for different reasons. Some collect them for passion and others want them for the profit it may give in the future. Selling antique cars is definitely a lucrative business but it is also a very unpredictable one. An antique car is like a piece of art, prices change drastically in a short span of time. Most antique collectors advise people not to collect them for money but for the enjoyment that it offers.
Whether you are collecting antique cars for business or just for the fun of it, insuring it is a must. Most antique cars are expensive, and it would really be a waste of investment if you will not insure it. Here are six tips that you should consider to make sure that your car are in safe hands
1-Make sure your car is recognized as an antique
Insurance companies have different definitions of what an antique car is. Make sure that when you go to an insurance company, your car fits their regulations for an antique car. Make sure that they recognize your car as an antique. Some companies think cars that are 25 years old or older are the only ones that can be considered an antique, so be sure before signing anything.
2-Be Specific in your car's usage
Do you use the car to drive your kids to school? Or do you only use it when you are going to a car show? You need to specify the uses of your car on your contract to ensure that it will be covered. Some insurance companies will not pay you if you lose or damaged your car in an event that was not specified in the contract, so make sure that you specify the uses of your car in your contract.
3-Ensure the market value of your car
Since your car is an antique, its value fluctuates from time to time. If you will get insurance for your car, be sure that it follows rules about the value of the car. There are two different values that insurance companies will give you. They are the Stated Value and Agreed Value. Before signing a contract, make sure that you fully understand these two terms to ensure the value of your antique car.
4-Identify Storage and Parking regulations
If you park your car inside a garage or you just keep it in your lawn, be sure to identify them in your contract. Also, make sure that your contract defines the parking spaces where you can leave your car. Like for example, can you leave it in a public parking lot or do you always need to park it where it is guarded. Be sure to identify these areas because your antique is definitely an eye for theft. So be sure to identify them so that when the worst scenario comes, you know that you will be paid by your insurance company.
5-Ask for a customized contract
If your car is a really good one, there is a pretty big chance that you can ask for a modified or customized contract. Most insurance companies will give you good deals if you have a good car. Sometimes, companies are actually looking for special cars because of its value. So if you have a great car, look for an insurance company that may hear your specific requests.
6-Visit at least 4 insurance companies
Always look for other companies. Evaluate their offers and see what company gives you more advantage. All you have to do is visit them and compare their deals. Sometimes insurance companies give you a better deal when they find out that you have been scouting, so make sure to visit at least four of them before signing a contract. You already have a valuable possession, so this is really not a waste of time. You are just making sure that you have the best deal that can be offered.
