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A 1973 Dodge Polara. "What in the world is that?" is what most people would say but I can guarantee you someone
loves that car. If they really love it they would purchase antique car coverage so that it's true value could be protected.
That is, if it qualifies as antique.
There are plenty of older vehicles being operated on a regular basis that
fit a description of antique in general. But antique applied to a vehicle for insurance purposes carry a specific meaning.
An antique is not only old (at least 30 years), it has to be in as new or restored to original condition. It also has to meet
yearly milage restrictions as well as be stored in a lockable, fully enclosed garage. Only then can an owner talk to an agent
about the agreed upon value. Still the underwirting extends to possible operators of the vehicle. Most companies don't
allow operators under 25 and further, have no more than 1 moving violation in 3 years.
Sounds like a lot of restrictions
to put on your own vehicle doesn't it? These measures are necessary because of the high dollar amounts involved.
I like this antique and classic car auction show that showcase the best of the best in their shows. The amounts being
paid for some of those cars just blow my mind. Especially since I've been a fan of the show for several years and have
personally seen certain vehicles double and even triple in sales price in just a few years. I say increase in sales price
not to be confused with value. The value of something is not always (and actually often) is not the same as sales price. Of
course sometime you may catch a bargain but most of the time the value slips before you get it home.
There are
guidelines for determining a value to be agreed upon but there is always an overage ensorsement for that limit an owner
can pay extra for. And if you feel the company does not recognize the value of your car as you would wish,
check other companies. Different companies have different underwriting guidelines.
If you have a vehicle that meets
the test for antique except for the vehicle being driven regularly, there are coverage provisions for regular autos that would
provide more than regular replacement cost but would fall quite short of the coverage amounts allowed for antiques.
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