What is Classic Car Insurance?
Classic car insurance is a type of auto insurance that’s designed for insuring classic automobiles, which have different insurance needs than most other types of vehicles. Compared to more recent models, classic automobiles are often worth more, and they tend to be driven less. Classic auto insurance takes considerations like these into account.
How Do Insurance Companies Determine the Value of a Classic Car?
One of most accurate ways to determine a car’s fair-market value is to look at recent sales of similar vehicles. Comparable sales are one of the main ways that recent models are valued.
When determining the value of a classic car, however, there often aren’t enough comparable sales to settle upon a single value. If any comparable sales are available, an insurance company will likely use them. They may also have to rely on evaluations done by independent appraisers, auction bids for similar cars, and the cost of any service that’s done to the car. An insurance company will frequently look up any auction records themselves, but they may ask automobile owners to provide documentation for any independent appraisals or services that are done.
Massachusetts drivers who want more information on their particular classic car’s value might be able to get their automobile appraised at one of the state’s classic car shows. There are classic car shows in North Andover, MA, Fitchburg, MA, Wellesley, MA. Shrewsbury, MA and Medfield, MA.