Classic Car Insurance
Insuring Your Classic Car
You Know You Need An Antique Car Insurance Policy When...
- You refer to your classic car as your baby
- The thought of filling your classic car with regular unleaded gasoline horrifies you
- You remember the day you purchased your classic car but not your anniversary
These examples are given in jest; however at HPM Insurance in Amherst and Bedford, NH we understand that you put a lot of time, energy and money into your classic car. The question is - how much time did you spend insuring it?
As you are well aware, a classic, vintage or antique car is not like an everyday car. It is cared for differently, it is used less and the value can vary tremendously. These factors must be taken into account when you obtain the insurance on you classic car and a New Hampshire Antique Car Insurance policy can do just that!
Who Can Get A Classic Auto Insurance Policy?
The definition of a classic car can vary, but HPM Insurance is able to offer coverage on most classic cars, modified collectors, reproductions, replicas, restoration, modern classics and antique cars. Vintage Car Insurance is not just for antiques because HPM Insurance can offer a classic policy for even a new vehicle under the right circumstances.
How Does A Classic Car Insurance Policy Differ from My "Regular" Automobile Policy?
Most New Hampshire car insurance policy claims are settled on an actual cash value basis which takes into account depreciation. An Antique Car Insurance policy claim is typically settled on Agreed Value. This means that prior to the company issuing the policy; you will work with the company to come to an agreement on the value of your car based on the car's market value and condition. Like a snowflake, not one classic car is exactly like another, so it should be treated differently.
If your classic car is declared a total loss after being stolen, you will receive the agreed value amount, less your deductible.
As the value of your vehicle can vary from year to year, it is recommended that you review its value on an annual basis to ensure that the agreed value is still accurate on the policy.
How Is The Agreed Value Determined On My Antique Car?
At HPM Insurance, we strongly recommend you obtain a professional appraisal. This may or may not be required by your Classic Auto Insurance company; however it is our experience that this makes it much easier for you and the insurance company to agree on the classic car's value with this 3rd party opinion.
If you want to start the process by getting a quick estimate, you can consult various sources such as ClassicCars, Buy Classic Cars and duPont Registry.
Is There A Mileage Limitation On A Vintage Car Insurance Policy?
In short - yes. As you are driving your "baby" it is assumed that it will not be your primary mode of transportation. In fact, in most cases, the Classic Car Insurance company will require that you show proof that you drive a primary vehicle.
You can however choose the mileage limit that will best meet your needs, typically up to 10,000. A word of caution however- some carriers are extremely strict on the mileage limit. If you pick a certain limit, but then realize you may go over the limit during the year, be sure to call your insurance professional before you exceed the agreed upon mileage or there could be a coverage issue.
Tips On Reducing What You Pay For A NH Antique Car Insurance Policy
If you live in New Hampshire, you would not dream of taking your baby out on the road in January. Between the ice and the salt you just couldn't stand the thought. So why pay for the collision and Liability Insurance when it will never be driven between December and March? Instead, some companies allow you to reduce your coverage to just comprehensive, which is a fraction of the overall premium.
That said, it is critical that you remember to call your insurance professional whenever you put your vintage car back on the road. If it is beautiful day in March and you forget to call to add the liability and collision coverage back on, then there would definitely be a problem. HPM Insurance suggests that you put something on the steering wheel itself that will not easily come off while it is in storage to ensure you remember to call back before the rubber hits the road.
Why Would You Want A Classic Auto Insurance Policy?
With a NH Classic Car Insurance policy through HPM Insurance, you are typically paying less money than if the vehicle were insured on a standard car insurance policy and it provides better coverage. This changes the question from "why would you want a Vintage Car Insurance policy?" to "why wouldn't you?"
Contact HPM Insurance today!