Insurance for Your Antique Classic Car Classic or Antique cars have been noted to boost in value even though hoover vacuum cleaners hoover sale the whole economy is down in the dumps. Collecting antique cars never fades of favor and just people that collect really know how irresistible the next buy is. But collecting classic cars is definitely an expensive hobby and part of this is because of Antique auto insurance and its important find a way to lose a number of that premium. There is no official fixed meaning of a classic but taxation cut off dates often offer an indicator. All cars built before 1st January 1973 are exempt from paying annual road tax and display a historic vehicle sticker. Some insurance firms will only offer classic plans on vehicles after this date, but a majority of will consider yours whether it is over a decade old. If your car is really a collectible, avoid standard automobile insurance policies if at all possible. For motor cars, the best longterm option is to apply one of many two other kinds of insurance available: Stated Value and Agreed Value. Under a Stated Value agreement, the insurer allows you to state the need for the auto, and in most cases, here is the amount youll be reimbursed in the event of a claim. However, depreciation might be factored in, and you should have to browse the details in it of ones policy in order that the protection is, in fact, for that stated value. Its also likely that youre going to have to pay a deductible with a Stated Value claim. Another difference between standard auto insurance coverage and classic car coverage is the worth of the automobile as well as depreciation. Standard auto insurance covers the existing worth of the car, minus depreciation. The older the car gets, the less it really is worth. A classic or vintage car doesnt depreciate in value as time passes. If the automobile is well maintained and rarely driven, the worth will increase eventually. Other factors to take into account include: choice . policy liability covers public events; coverage including events and shows; coverage for damages incurred during restoration; and moveable premiums taking into consideration mileage, which naturally varies significantly for classic cars from year to year.