Many classic cars are underinsured
09/20/2016
In times of constantly rising classic car prices, the insurance of the old car should actually also be constantly adjusted. But are classic car owners attentive enough to inform their insurers of the valuations and adjust the cover to the actual value of the car? We wanted to find out from Zwischengas readers with a" question of the week" .
In fact, over half of classic car owners seem to make sure that their old cars are insured at the correct replacement value, 16% have adjusted their policy in the last twelve months and a further 38% in the last three years.
The other half, however, could well run into problems in the event of a claim. Around a quarter state that the last time their insurance was adjusted was at least five years ago, while a further 10% have not updated their insurance for a long time and are unsure whether the payments would allow for replacement or restoration following an accident or theft. A further 11% were unable to find an answer.
Insuring old cars is more complicated than new car insurance, not only because of the shift in value assessments, but also because investments are always being made in classic cars, which affects their replacement cost. In conversations, we have found that some owners of classic cars do not even know whether their vehicle is insured and at what value, and there are also many who insure their car similarly to a new car, which in the event of a claim could mean that the insurance company could pay 10 or 20 percent of the new price at the time, which would not even be enough for a repaint if the worst came to the worst.
It is therefore worth clarifying these questions as long as no damage has yet occurred, especially as the better insurance solution does not necessarily have to be more expensive, as classic cars are normally considered "good risks" by insurers.
The evaluation of the answers looks like this in detail:
The evaluations of the previous questions of the weekcan all be read in a dedicated topic channel.
And the next question of the week has already been posed, this time asking how many cars a classic car collector actually owns.
