Classic Car Auto Insurance
Collectibe cars can serve as a wondrous treasure, but also as a good investment. As with any investment, an adequate protection in the form of collector car insurance is necessary. Especially since a collectible car is expensive to repair or replace. A collector car insurance policy can protect you financially in case of damage, an accident or theft.
Collector car insurance differs greatly from regular car insurance. As such an insurance carrier has certain provisions that must be met prior to issuing a policy. The most important requirements are the drivers age and qualifications, the age of the car, and mileage limitations|Three of the major requirements are limits on miles driven per year, age and driving record of the owner and the age of the car. There also is an insistence by the insurance provider that the car is garage kept and well secured when not in use. Get your free san diego auto insurance Quote Today.
Mileage limitations may vary from company to company, generally the limit is 5000 miles per year. However, there are some cases where more miles are permitted. A further restriction on mileage driven is that a car can not be used for commercial purposes or for daily commutes, however, a collector car insurance policy does allow the car to be driven to car shows and related activities. Receive competing orlando auto insurance Quotes Today.
Another restriction on collector car insurance is the age of the car. In most cases, the car must be a minimum of 15 years old|Most insurers have set 15 as the minimum age for a collectible car. Some insurance providers require as much as 25 years and in a few cases more than 35 years old.
Collector car insurance companies will require certain driver qualifications before a policy can be issued. A large majority of companies set a minimum driver age at 25 with minimum driving experience of 9 years or more.
Once you meet the stipulations for your collector car insurance, you and the insurers agent will negotiate the car’s agreed upon value. In a collector policy, the value of the vehicle is determined by an agreement between you and the insurer, unlike a regular policy which uses fair market value. Whatever amount you and the agent agree to is the amount that will be paid to you in the event the car is a total loss due to an accident or theft|This amount, when agreed on between the insurance company and you, is the set amount that will be paid in case the car is a total loss as a result of a covered incident. Compare texas auto insurance Quotes for Free.
Selecting a well qualified insurance company for your collector car insurance is a necessity to protect your investment. Although many insurance companies can write your collector car insurance, it is best to find a company that specializes in this type of coverage
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