Classic Car Insurance in Vermont

What is Classic Car Insurance?

Vermont drivers who have classic automobiles frequently invest a lot of money and time into their vehicles. Classic car owners frequently make this investment willingly, as they understand that it’s part of owning and properly taking care of a classic vehicle. Just because an investment is willingly made, however, doesn't mean the investment shouldn’t be protected. The time and money that’s put into classic cars ought to be protected, and that’s what classic car insurance is for.

Classic car insurance is a unique type of car insurance that’s written specifically for classic cars. These cars are often worth more and driven less than recent models, so they should be insured differently than newer cars that people drive every day.

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What Vermont Residents Should Consider Classic Auto Insurance?

Most drivers in Vermont who have a classic automobile ought to get classic auto insurance. Policies usually provide the minimum coverages that are required to drive on public roads in the state, and they’re often the best way to purchase the additional protections that classic cars should have.

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How Are Classic Cars’ Values Calculated?

When underwriting a normal auto insurance policy, insurers may look to price guides and recent sales to determine a vehicle’s fair-market value. When creating a policy for a classic car, however, these resources may not be available. Most price guides don’t include classic cars, and there might not be many recent comparable sales to draw from.

If a price guide or comparable sales are available, an insurer will likely use them when calculating the value of a classic car. Assuming these aren’t available or sufficient, insurers may look to the following sources for information on how much a classic car is worth:

  • Third-party appraisals conducted by qualified professionals
  • Recent auctions of similar cars
  • The cost of services done on the car

Because insurers may factor in the cost of any services that are done to a car, classic car owners should keep receipts for any work that they pay others to do. They can also keep a log of hours they themselves spend working on their car, as this can also help insurers determine how much was invested in an automobile.

Owners that would like to have their classic car appraised might find a qualified appraiser at one the classic auto shows in Vermont. Colchester, VT, Ludlow, VT Manchester, Vt, Shelburne, VT and Stowe, VT also usually have shows from time to time.

What is the Difference Between Agreed Value and Stated Value Policies?

Classic car insurance policies are either agreed value or stated value policies. The distinction determines how much coverage a policy provides for an insured car.

Agreed value policies are frequently written to provide an agreed upon amount of coverage for a classic car. The value doesn’t have to be the same as the car’s fair-market value, thus letting owners insure an automobile for what they think it’s worth regardless of what its fair-market value is determined to be.

Stated value policies typically insure a classic car for its fair-market value, as determined from the sources mentioned above. These policies frequently have lower premiums, but they also don’t give owners the same level of flexibility in how much coverage they purchase.

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How Can Classic Car Owners Get Classic Auto Insurance?

Classic car owners who need insurance for their cars should talk with one of Vermont’s independent insurance agents. An independent agent is able to help owners select the coverages they want and find classic car insurance policies that include those coverages.

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