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[C704]Classic Antique Auto Insurance

by Nick Vernon, Nic

When searching for antique auto insurance, it is important you understand what you are getting. This specialty insurance also comes with many restrictions and can sometimes interfere with what you would like to accomplish while owning an antique automobile. To most, an antique automobile is something they enjoy viewing, working on and restoring it to its original condition. These people typically only take their car out when it is necessary to keep up on its maintenance. There are however, those people that like to take there car out for a spin every now and again and would typically be breaking the mileage rule on a typical antique auto insurance policy. So what do you do about that? Below is a company that understands different antique owners needs and has done everything it can to accommodate them.

Grundy Worldwide:

Grundy is a company that deals with antique car owners worldwide, just as their name states. When it comes to antique automobile insurance coverage, Grundy Worldwide is a leader in its industry. Here are a few key points that makes Grundy Worldwide really stand out from the crowd.

- Grundy deals with agreed value. This is very important to check into to when looking for antique auto insurance. There are some insurers that will just take the book value for your car, even if you put in thousands more.

- No matter what year your antique car is, you will be covered by Grundy.

- Grundy offers higher liability limits. Many insurers will over low liability limits that might leave you a target for being sued if a major accident were to occur.

- When you sign a new policy, you automatically receive coverage, not wait times.

- A big perk of this company is unlimited mileage. As explained before, there are antique car owners that enjoy using their car.

To get a complete list of benefits for Grundy Worldwide, please visit: http://www.grundy.com

It is imperative that you go with a well known company when looking to insure your antique automobile. When determining if it is a good company to do business with, check the following facts. Make sure they are reputable with customer service. If a company does not have good customer service, how do you think they will handle it if you had to make a claim on your insurance? Most companies are searchable through the internet. Here, you can find the good the bad and the ugly about a company. Hopefully you will only find good. If you happen to find a bad review of the company, identify why. Maybe the person is out of line or unrealistic, or maybe they have a concern that would not even pertain to you. Do not down a company just on one bad review. Give them a fighting chance. If you do, however, find many bad reviews, it is best to stay away from that company. Another good idea is to make sure the insurance company you are looking to insure through accepts appraised value. Otherwise, they will only give book value.

In addition, get a policy that you can meet the requirements to. Insurance fraud is a huge punishable crime. Do not be the one to get beneath its wrath. There are insurance companies out there that can accommodate your needs. If you break the terms, your policy will become void. This means you will be in a hole with no way out.

When it comes to classic auto insurance, the underwriting is different from that used when insuring your more usual family car. If you want to protect your classic auto investment then it is vitally important that you insure with an insurance company that specializes in classic auto insurance.

Having said that, there a few things to bear in mind when looking for the best classic auto insurance quotes.

Firstly, garaging is important. Most insurance companies will insist that your classic auto is kept in a locked garage or parking area when it is not being driven. Also it has been known for some insurers to deny a claim when the vehicle has been left unattended in a car park or parking lot. This even extends to when and if you take your car on holiday. Parking in the hotels lot may void any claims.

Secondly, most specialist classic auto insurers offer a choice of valuation methods, the most common being -
a)The Agreed Valuation Method. Here both the insurer and the insured agree a fair market value for the vehicle that is reviewed each year upon policy renewal. This is considered to be the fairest valuation method, but remember that unlike the usual family vehicle, classic cars can increase in value. This will be of course be reflected by a proportionate rise in premium.
b) The Actual Cash Value Method. With this method, the insurer will only pay out the current market value for the car. The problem with this is that the current market value means the original price of the car when it was brand new less depreciation. Lets say you have an e-type Jaguar that would of cost (for the sake of argument) $2000 in 1968. Today after depreciation the market value used by insurers would be (again for the sake of argument) $300 and this is all you would get if you made a claim.
c)The Stated Amount Method. This method involves the insurer setting the maximum amount that they would pay in the event of a claim. But this maximum amount would be the lesser of either the amount to repair the vehicle, the stated amount or the actual cash value. Once again this method does not take into account the true value of your classic auto and so should be avoided.

Thirdly, how you use your classic auto can have a great bearing on your insurance. A standard classic auto insurance policy may only cover you whilst driving to and from classic auto shows. It you intend to use your classic car for more than this then make sure your policy covers you.

Its a sad fact of life that insurance companies will do their utmost to avoid paying out on claims so it is in your interest to make sure that have a cast iron policy. When looking for quotes always read the terms and conditions before handing over your cash. If you have or are thinking of getting a classic auto then dont forget to protect yourself if the worst should happen.

Article Source : Auto Car Insurance Company

About Author

Both Nick Vernon & Ben Needles are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Nick Vernon has sinced written about articles on various topics from Auto Insurance, DUI and Auto Insurance. to find a good go to clicksmore.com. Nick Vernon's top article generates over 14800 views. to your Favourites.

Ben Needles has sinced written about articles on various topics from Business Credit Cards, Anger Control and Business Credit Cards. About the Author (text)Colin Cherry has many years experience in the Finance and Insurance industries.To learn more about auto insurance visit. Ben Needles's top article generates over 550000 views. to your Favourites.