Auto Insurance

3 Factors That Influence Antique Auto Insurance Coverage

Antique and classic cars are often valued much higher than their original or purchase price. The right insurance policy can help protect your investment and ensure you can recover it in the event of an accident or other loss. Research into the topic of types of antique auto insurance policy in NJ shows that a car can be treated either as an antique or classic auto. These three factors can play a big role in helping you decide if an antique auto policy is right for you.

Vehicle Age

The age of a car before it can be insured as an antique varies between states. The average is between 20 and 40 years, however. If the vehicle in question qualifies, you can save a substantial amount of money on premiums by considering an antique auto insurance policy in NJ.

Type of Use

Age alone may not be enough to qualify a vehicle for special consideration. How it is used is a major factor. If you are looking for coverage for an antique vehicle that you use for a daily commute, you may need to stick with a traditional policy.

Investment Value

Most people associate high-value policies with new cars. However, antique vehicles are often worth far more than modern ones. Traditional police use depreciated values whereas antique ones will understand that your car will likely increase in value as it gets older.

Choosing the right coverage is crucial to protecting your investment. Talk to an agent knowledgeable about antique car policies to get the right policy for your auto.

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