Slavsky Mortgage

Insuring classic and antique cars.

So, you’ve got your classic beauty. You’ve cleaned it inside and out. It looks polished and shiny. But you cannot fully enjoy it without taking your new lady for a ride.

Getting antique and classic car insured is a bit different from regular vehicles. What you want is to get back the full collector value - not just the book value (in restored condition car can cost thousands more than before any work). The insurance company may advise you to get an optional coverage, which is called stated amount coverage. The minus of it is that the coverage pays the market value of the car at the time of loss, and even if the market for your antique or classic has improved, you won’t receive any increases in the car’s value.

How to go around it?

First, buy the actual cash value coverage, which comes standard with the insurance policy.

Second, make interior and exterior photos of the car. Get a market value appraisal from a trusted appraiser. Keep it all in a secure place.

So, if your car is stolen or totaled, you bring the pictures and appraisal to a competent appraiser at claim time. He’ll give a new value appraisal. Take that to the adjuster for payment. This way you will receive the actual value.