The Necessity of Getting Collector Car Insurance
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Owning a collectible car may be a matter of pride for some; however, it also is an investment. You will need to protect your investment with the right collector car insurance policy. 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. Insurers have specific prerequisites that have to be met before a policy can be written. The most important requirements are the drivers age and qualifications, the age of the car, and mileage limitations. There also is an insistence by the insurance provider that the car is garage kept and well secured when not in use.
Limits on miles driven per year is usually no more than 5,000, although some companies have provisions for excess miles. A collector car insurance policy will also limit the purpose of driving, for instance, daily commuting and commercial purposes are not permitted, while traveling to car shows and car related events are acceptable.
Another restriction on collector car insurance is the age of the car. The majority of companies require the car to be at least 15 years old. Although some companies will set this number higher at 25 and occasionally at 35.
Collector car insurance companies will require certain driver qualifications before a policy can be issued. The overwhelming numbers of insurers require a minimum age of 25 with at least 9 years of driving experience. Some providers also require a clean driving record.
After the requirements of the collector car insurance is met, your agent and you will determine an agreed upon value of the car. 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. 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.
You can protect your vehicular masterpiece with collector car insurance from many different insurance providers. However, choosing a company that specializes in collector car insurance will give you the best coverage and maximum benefit
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