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Classic Car Insurance in Massachusetts

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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.

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How Much Coverage Does Classic Auto Insurance Provide?

Classic auto insurance policies can be categorized into two groups based on how much coverage they provide.

Stated value policies generally provide coverage up to a classic car’s fair-market value, or how much it would likely sell for on the open market.

Agreed value policies normally provide a predetermined amount of coverage. This amount is agreed upon by the insurance provider and automobile owner when the policy is purchased, and it may be greater than the car’s fair-market value.

Agreed value classic auto insurance policies sometimes cost more than stated value policies, but they also may provide higher limits. For owners who have more invested in their vehicle than it’s worth, these policies are often wise investments. The extra protections they offer are often worth a small increase in premiums, especially when the premiums are compared to all that an owner has invested in their car. 

Who in Massachusetts Should Consider Getting a Classic Auto Policy?

Any Massachusetts residents who have a classic car may want to consider getting classic auto insurance. While other insurance policies might be available, these are uniquely designed for classic automobiles. They not only provide the coverage that classic car owners need, but they’re often able to do so at affordable rates because they take into account that these vehicles typically aren’t driven as much as typical vehicles.


How Can Drivers Get Classic Car Insurance?

Because every classic car is unique, each classic automobile has unique insurance needs. Owners who want insurance that protects their classic car well ought to call an independent insurance agent in Massachusetts. An independent agent will be able to get classic car insurance quotes from different insurers and help an owner select the policy that best meets their particular car’s insurance needs.

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