The Necessity of Getting Collector Car Insurance
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Owners of collectible cars have a great deal of pride in their vehicles, however a collectible car is more than a showpiece, it is an investment as well. To protect that investment, collector car insurance is a much needed necessity. 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. Additionally, an insurer will insist the vehicle be secured in a garage when it is not in use.
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.
Restrictions on the vehicle’s age are a primary factor in collector car insurance policies. In most cases, the car must be a minimum of 15 years old. Some insurance providers require as much as 25 years and in a few cases more than 35 years old.
Driver qualifications are a consideration as well, an owner or driver must meet minimum requirements to be eligible for collector car insurance. 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. As opposed to a regular insurance policy where the value of a car is determined by fair market value, in a collector policy, the value of the car is a figure you and the insurer will agree on. This amount, when agreed on between the classic car 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.
Selecting a well qualified insurance company for your collector car insurance is a necessity to protect your investment. However, choosing a company that specializes in collector car insurance will give you the best coverage and maximum benefit
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