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How Much Insurance Should I Carry on an Antique Car?

Let's start this off with a hypothetical situation.
Imagine you have yourself a sweet cherry red 1956 Chevy that you have fully restored and you get into an accident.
Let's say you've put $20,000 into it.
How much do you think the insurance company is going to pay you if you do not have antique or classic car coverage on it? The answer is not very much.
You may only get a few hundred dollars paid out for your claim.
I'm pretty sure you will be hopping mad at this result.
But you can avoid all this heartache.
The insurance company will not fully pay out what you have spent to fix up your antique car.
So the answer to the question "how much insurance should I carry on an antique car?" is enough to cover the full value of the car.
That is why insurance companies offer antique car insurance.
It may also be known as classic car or collector insurance.
A hot rod, muscle car, or antique car is a special kind of risk and it needs a policy that will adequately price this risk.
This insurance policy offers you protection on your investment into your classic cars.
Most insurance companies offer these type of policies.
You may be surprised at how affordable these policies are.
They are cheaper than regular car insurance on average.
You may have to talk to a special department to get the policy issued but the small hassle is worth it knowing that your investment is fully covered.
You don't want the hypothetical situation described above to turn into a real situation and you underinsured for the full value of your car.
Be sure to ask your insurance agent any questions you have about the policy.
You may also have some limitations on how much you can drive your car.
You may not be able to use it as a regular vehicle.
It's probably not a good idea to drive it on public roads often anyways.
You can use it as a weekend cruiser and take the wife out for a spin with the top down.
Or you can take it out to car shows with other classic car enthusiasts and show off your sweet ride.
Restoring classic cars to their original condition can be an enjoyable and rewarding experience.
Just make sure you carry enough insurance to fully cover the auction value of the car to another collector.


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