Insurance 101 for Vintage Vehicles, Antique Autos, Classic Cars

No doubt about it, classic autos have a giant fan base. But while auto insurance for antique autos only covers part of the vehicle's worth, it is better than having zilch, in case of theft or damage. These classic vehicles are a delight for many individuals, saving some of our automotive history in the process.

The worth of antique autos increases (not decreases) with each passing year. This is in direct contrast to newer vehicles, which reduce in value every year. It is rather complicated to accurately determine the market value of an antique car for insurance purposes.

To make things even more difficult, there are not all that many vintage vehicle insurers that are available either. These vintage "works of art" are sought-after by collectors who are at times willing to pay a good deal more than their actual value.

Standard Auto Insurance

In the situation of an ordinary car that isn't aged enough to be an antique (usually 20 years), the value of the car is calculated by taking the original cost then taking a depreciation for each year from that cost. Naturally, this presumes no major accidents, etc.

For antique cars, though, it's a delicate situation. The cost cannot be calculated using common ways. Particularly since the value of a antique car grows as time passes, not decreases.

Computing Antique Automobile Insurance 102

There are three main ways for computing the worth, insurance-wise, for an antique car.

The First Method: The price is jointly agreed upon between the owner and the insurance company. This tends to yield a higher insured amount than other two methods.

Method 2: The vehicle's price is calculated based on the current values for similar automobiles as listed in popular vintage automobile publications and current price indexes. In some situations, an third-party assessor might be contacted to help decide upon the worth of the automobile.

Method 3: A lesser-used way is to estimate the worth of the vehicle as the total of the actual vehicle cost plus the numerous enhancements and amount spent on repairs and such over the years. In other words, the monetary value of the automobile is the amount determined after deducting the depreciation with age from the initial price of the auto, then adding back in the restoration and upgrades.

Insuring Your Antique Vehicle

In summation, antique auto insurance providers have a set of rules they use to decide upon the insurable amount of the classic vehicle. As an example, the insurance providers many times insist that the vehicle being insured must not be used as a means of regular transportation. They may also insist that the vehicle be kept in a garage.

Additional requirements may include that the antique vehicle can't be used for racing, and that any other members of the household have proven access to other modes of transportation. And finally, the owner has to have a spick and span driving record, to boot.

Whether you call them antique autos, classic cars or vintage vehicles, they are a slice of automotive history...albeit a slice that has to be insured!

Is Your Vehicle Too Young to Be Vintage? Don't Worry, Here's FREE Insurance Information!

Your heart might thump hard at the thought of owning a classic, but if you drive an ordinary car, it needs insurance, too. Here's some free information on finding affordable auto insurance, wherever you may live.

How the 1957 Chevrolet Corvette Made Automotive History!

The 1957 Chevrolet 'Vette almost didn't make it to 1957 and all but did a crash and burn a few years prior. Why did this auto, which has won the hearts of many the world over, come within a hair's breath of meeting its demise?

Chevrolet initially presented the two-seater Corvette (or 'Vette' as it's affectionately known) in 1953. It was the obsession and brainchild of the prominent automobile designer Harley Earl. Earl had been designing for Chevrolet since the late 1920's and at last managed to convince Chevy to manufacture a two seater sports car, to compete with the MGs, Alfas and other European autos that were being brought over to the American market by GIs returning from the war.

While the 53 Chevrolet Corvette was lauded for its killer good looks and terrific body, its engine performance was distinctly unexciting, unadventurous and somewhat frigid. The Ford Thunderbird additionally threatened the future life of the automobile that would ultimately go down in the chronicles of American auto history as 'the only true American sports car', by outselling the Corvette by 24 to 1. Ouch -- that had to hurt!

While the Thunderbird was looking great on the highways and byways of America, the Chevrolet Corvette (not yet the 1957 model) was still languishing in the automotive showrooms. It was at this point in time that GM considered killing the 'Vette, or in the words of an devotee 'murdering it'. Things were not looking good for the 'Vette.

Enter the V8 engine and Zora Arkus-Duntov. Zora, who somewhat incorrectly was designated ever after as the father of the Corvette, inspired the V8 design and spec for the 57 Corvette. The V8 engine is recognized with being the single most valuable alteration made to the Corvette up to that point.

Enough of the history. Given the new V8 engine the 57 'Vette went from so-so to strength in performance and was reborn as a serious sports car.

While the 57 Chevrolet is as synonymous with the American dream as Mom's home-made apple pie, the Americans do not have a monopoly on autos in thoughts. The Corvette began appearing in the dreams of car-lovers the world over and started attracting a global fan base. They were introduced to the 1957 Corvette by its plentiful guest TV appearances, where it often achieved its own listing in the credits! How is that for a comeback story?

The 1957 Chevrolet Corvette is coveted by automobile enthusiasts the world over. They are selling at car auctions for anywhere from $70,000 upwards, with apparently no lack of adoring buyers. The automobile world is now anxiously awaiting for the unveiling of the C7 Chevrolet Corvette anticipated to arrive sometime in 2010.

Want to Know More About 1957 Chevys? FREE Information!

Now that you know something about this great auto, want to know more? Want to see photos? What about actual 57 Corvettes for sale? Click on over to 1957 Chevys for Sale and see all the great cars available!