Post on 14-Jun-2015
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If you cover a classic or antique car with a regular
insurance policy, you may be wasting cash.
USA Insurance Buzz.com
It makes far more sense to
find a specialist such as:
• American Collectors Insurance
• Hagerty Insurance
• Grundy Insurance.
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Insurance companies make
the distinction between old,
classic and antique cars.
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Classic cars are
between 15 and
30 years old and
something of
special worth to
a collector.
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Antique cars are
over 30 years
old, have historic
plates and can
only be driven as
part of a show.
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There are three types of
insurance policy for an
antique or classic car:
• Actual cash value (ACV)
• Agreed value (AV)
• Stated value (SV).
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With an actual
cash value
policy, the value
is set to match
that of the car at
the time of being
insured. (This
value decreases
with time.)
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With the stated
value policy, the
insurance pays
either the cost of
the damage to
the vehicle or the
ACV (whichever
is the lower).
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With the agreed
value policy (the
best of the three),
you are
guaranteed the
sum agreed on
the current
agreed valuation
certificate.
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The valuation process
includes the car becoming
officially recorded with a list
other cars that are
considered to be under that
same value bracket.
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To select a suitable
appraiser, you can contact
the American Society of
Appraisers.
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The appraiser checks the vehicle thoroughly
before producing a detailed report.
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In addition to the valuation
certificate, the insurance
company will need to know
the make, color, model, body
style, year, engine number
and vehicle identification
number (or VIN).
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Insuring your classic or antique car with a
specialist is the best way of addressing all the
concerns you have about your vehicle.
USA Insurance Buzz.com
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