Antique or classic car owners should pay special attention to the following issues when purchasing insurance:
Vehicle Usage: Most collectible cars are rarely on the road. The annual mileage for these vehicles usually ranges from 1,000 to 5,000 miles, and the policy should reflect that limited use.
Vehicle Storage: Antique and classic car insurers traditionally insist that these types of cars be stored in a fully enclosed, locked garage when not in use.
Vehicle Valuation: Agreed-value policies are preferable to stated value policies. Agreed value policies guarantee that, in the event of a total loss, the insurer will pay the full amount listed on the policy, minus any deductible.
Stated value policies, while rarely sold, are often open to interpretation about the value of the vehicle in the event of a claim.
Vehicle Condition: Insurers prefer to insure cars that are in excellent condition. Therefore, antique and classic car insurers may decline to cover cars that appear to be weathered or that have sustained prior damage. During a restoration, coverage can usually be obtained.