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Classic Car Insurance in Vermont
Owners of classic cars spend a great deal of time and money on their vehicles, and their investment ought to be protected. Classic car insurance is uniquely designed to help Vermont residents who own classic cars protect their vehicles. Like standard car insurance, it provides protection from a number of potential risks.
What is Classic Car Insurance?
Classic auto insurance is a type of car insurance that’s specifically designed for insuring classic automobiles. Classic cars are frequently worth more but driven less than other automobiles. Classic auto policies take both of these considerations into account.
How Do Insurers Value Classic Automobiles?
In order to provide protection for a classic automobile, it’s first necessary to determine the car’s value. Unfortunately, there usually aren’t enough similar vehicles to simply rely on recent sales for an accurate valuation. Classic cars are often unique and uncommon, and other data must be used when evaluating how much they’re worth.
In addition to looking at any comparable recent sales that are available, insurers may also rely on the following when valuing classic automobiles:
- Third-party evaluations
- Winning bids of auctions for similar cars
- The cost of any aftermarket parts or service
In some cases, insurers might request documentation for the aftermarket parts that are put on or work that’s done to a classic car, as both can have a significant impact on an automobile’s value.
Drivers who would like more details on how much their particular classic car is worth might be able to see comparable vehicles or even get theirs appraised at one of Vermont’s classic car shows. You often can catch shows in Shelburne, Manchester, Colchester, Stowe, and Ludlow, VT throughout the year.
Are There Different Types of Classic Auto Insurance?
There are two different kinds of classic car insurance policies: agreed value policies and stated value ones. Agreed value policies usually insure a classic car for up to a pre-agreed upon value, which may be different from its fair-market value. Stated value policies normally only provide coverage up to a car’s fair-market value.
Many classic car owners may want coverage beyond what their automobile’s fair-market value is, as the fair-market value might not take into account all of the hours that an owner has personally invested in their vehicle. Any owners who would like extra coverage should specifically seek out an agreed value classic auto insurance policy. Such a policy’s premiums might be slightly higher, but that’s often because the policy affords more protection.
Who in Vermont Needs Classic Car Insurance?
Any Vermont residents who own a classic automobile might want to purchase a classic car insurance. Classic auto policies not only provide protection for classic automobiles, but they also are sometimes less expensive than other insurance policies because they take into account that many classic cars aren’t driven a lot. In most cases, it's this is the best way to insure classic automobiles.
How Can Owners of Classic Cars Obtain Insurance for Their Automobiles?
As is the case with standard auto insurance policies, the easiest way to shop for classic car insurance is to contact an independent insurance agent who’s licensed in Vermont. An independent agent can help a driver decide how much protection they want for their classic automobile, and then the agent can look at different insurers’ policies and help with the selection of a policy that provides the best package for you.