How to Buy Classic Car Insurance
How to Buy Classic Car Insurance, If you are lucky enough to own a classic car – or any collector car – then you want to make sure that your luck does not run out due to insufficient insurance coverage. Call it covering your ass – or covering your “asset” – but by all means, call one of the major providers such as American Collectors, Haggerty, or Parish Heacock insurance companies and let them put you in the driver’s seat for the professional protection of beloved car investment.
How to kick the tires on classic car insurance
The whole idea of insurance is that it should do what you expect of it in an emergency when the rubber really gets in the way. And classic car insurance is just as different from conventional car insurance as a classic car is from your regular generic vehicle. How to Buy Classic Car Insurance.
When you buy classic car insurance, you are basically buying protection for the times when – God forbid and knock on wood, it does not happen – disaster strikes in the form of a fire, a collision, or an act of theft or vandalism. Just as we now have modern airbags to save us in the event of a crash, we also have collector car insurance that protects us with appropriate money bags when the accident throws a wrench in motion.
How to Buy Classic Car Insurance, The time you invest in choosing the right classic car insurance is worth the value and security that a quality collector’s insurance provides for owners of classic cars.
Screws and nuts in classic car insurance
Collector car insurance is not the same as the insurance you buy to normally cover your daily transportation. Collector car insurance, or classic car insurance, is made specifically for the car collector’s needs. And although regular insurance provides some protection no matter what you drive, it can leave you high and dry in the event of a loss as it does not effectively cover the terms of the insurance contract. How to Buy Classic Car Insurance.
For example, you could have a garage-held Cadillac Sedan DeVille with swooping fins your grandparents bought for $ 7,000 brand new back in the 1960s. But dealers have offered you three times as much, and you saw another sell at a car show for $ 35,000.
How to Buy Classic Car Insurance, If you do not have a special collector car insurance or classic car insurance and the car is assembled, you will be lucky to get $ 7,000 for it. With depreciation calculated in, insurance statisticians can decide that it is only worth half as much or less, and you could end up with two or three thousand in exchange for your dream machine.
Regulations or requirements that you usually encounter when buying collector car insurance or classic car insurance:
A decent driving record.
At least 10 years of driving experience
No teen drivers on politics or drivers with bad driving data
Safe and out of the weather garage
Proof that you have another car for daily transportation
Collector vehicle insurance is sometimes limited by the age of your car, and if your car is too young, it may not be eligible for a particular policy.
Limited mileage. You probably will not drive your creampuff car all the time, and your insurance company will not want you to either. However, the mileage limits have increased recently, so if you can live on 250 miles a month, you’re probably okay. How to Buy Classic Car Insurance.
How to Buy Classic Car Insurance, Coverage with collector car insurance or classic car insurance: Three kinds of value are important to understand when buying your policy. 1) Actual cash value: This is what you usually get with ordinary insurance, and is based on replacement costs minus depreciation.
2) Stated value:
The insurance company pays up to the stated value of the car, but may not guarantee the full stated value. And there is usually a deductible of up to $ 1,000.
3) Agreed value:
How to Buy Classic Car Insurance, In most jurisdictions, those that offer collector car insurance or classic car insurance are allowed to insure for a value that you and your insurance company agree on. And for most cars, there is no deductible. If your $ 100,000 vintage rolls are smashed, you get a check for $ 100,000, which is exactly why collectors use a special classic car insurance policy.