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Classic Car Insurance Quotes in Alaska

Reader’s Question:

I have a classic car that I need to insure. How can I be sure that my classic car is appropriately insured?

Ottilie

Anchorage, AK

Most classic car owners are aware that there is a huge disparity among classic, antique or vintage cars and the everyday-use cars but not all have separate car insurance coverage for each type of car. Vehicle insurance professionals say that can place classic car owners in a financial obligation in case they have to file an insurance claim. Here’s how you can be sure that your classic car is appropriately insured:

Consider the Real Market Value
Classic cars change in value very often and classic car insurance must show that as well. For example, a ‘69 Camaro was valued at $25,000 a few years back and now, it ranges between $40,000 and $100,000. Everyday-use cars are covered based on the actual cash value, meaning if the car is totaled, you will be paid the initial purchase costs minus the depreciated value. However, classic vehicles must be covered based on the “agreed value.” For instance, in case the classic car is totaled, the insurance provider will pay the insured the actual current market price of the classic car minus the deflated value.

Consider the Mileage
Classic cars are only driven for approximately 1,000 miles annually so you don’t have to pay for the unused miles. Classic car insurance policies should be less costly than a regular car insurance policy because the expected driven miles would be less than a regular car usage.