The 2021 Weirs Beach Collector Car Show is returning to New Hampshire this summer, taking place on July 24th. While everyone in attendance is sure to have fun, the event will be especially memorable for the few attendees who purchase a car at the show. If you purchase something, here are some questions to ask at the time of purchase so that you can properly protect the vehicle with classic car insurance.

If Looking to Buy a Car at the New Hampshire Weirs Beach Car Show, Ask These Important Classic Car Insurance Questions:

1. How Much is the Car Worth?

The price you pay for a car should reflect the car’s value, but there are exceptions where price and value are different. Sometimes people agree on a different price for any number of reasons, and quite frequently the cost of rebuilding a classic car is more than its actual fair market value.

You’ll want to accurately assess the purchased car’s value (and don’t assume it’s the purchase price) for a couple of reasons.

First, antique car insurance policies frequently can be covered as stated value policies or agreed value policies:

• Stated value policies generally are determined when the policy is written, and with proper documentation verifying the coverage amount.  This coverage is not ideal as the insurance company can pay you the stated value or the actual cash value at the time of loss, whichever is less.  Stated value coverage may be suitable if your price, value and cost of rebuilding are all similar. 
  
  
• Agreed value policies normally let you insure a car for a specific amount, which can be different from the car’s actual value. The availability of agreed value coverage is often limited to specialty carriers as the company guarantees that the agreed upon value will be paid should a covered loss occur.  This option is probably better if your price and/or rebuilding costs are above the car’s fair-market valuation.  Please know that to qualify for such a coverage, you would most likely need to provide the insurance company a professional appraisal, photos and other documentation.

Regardless of which coverage you prefer, you should get as many receipts and documents you can from the seller.  This may help you justify the coverage amount desired with the insurance company.

What on the Car Needs to Be Restored?

Sellers want to paint their cars in the best light possible, and they might downplay what work needs to be done on a car because of that. Get a full assessment of how much restoration will have to be done to the car, though, so you can estimate how long that work will take.

Antique car insurance policies vary in how they cover cars that are in restoration. A few policies maintain their standard protections if a car is in restoration, but many limit their coverage and allow drivers to purchase additional protection if they want to.

Knowing how long restoration should take will help you determine what kind of coverage is needed. If a car is already restored, you don’t have to worry about this protection. If a car needs extensive work, however, you may want to look for a policy that doesn’t diminish coverage or one that makes additional coverage for restored vehicles affordable.

What Impacts the Cost of NH Classic Car Insurance?

The main factors in determining how much a NH classic car policy will cost, is the vehicle's value as well as who will be driving the car and how often?

Many classic car insurance policies have minimum age requirements for drivers, and some also have minimum experience requirements. For instance, a policy might only insure drivers who are at least 25 years old and have been driving for at least 5 years.

Any minimum age and/or minimum experience requirement will likely apply to all drivers, and not just the policyholder or owner. You should plan on only letting those who meet the necessary requirements drive. Anyone who’s not old or experienced enough should go along for a ride instead.

Purchase Classic Car Insurance for Any Car Purchased

Have fun at the Weirs Beach Collector Car Show, and best of luck if you’re hoping to purchase something while there. If you do end up purchasing a car, contact our New Hampshire classic car insurance agents as soon as you’re able to. We’ll make sure your new car is well protected, so you can enjoy it without worry.