Collectible 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.
A regular insurance policy will not offer the specialized benefits of collector car insurance. As such an insurance carrier has certain provisions that must be met prior to issuing a policy. The three main stipulations are mileage limits, vehicle age, and driver qualifications. There also is an insistence by the insurance provider that the car is garage kept and well secured when not in use.
In most cases, the insurer will not permit more than 5,000 miles per year, although some companies may offer an excess mileage addendum. 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.
Collector car insurance policies also have a requirement on the age of the vehicle. Most insurers have set 15 as the minimum age for a collectible car. Although some companies will set this number higher at 25 and occasionally at 35.
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.
After the requirements of the collector car insurance is met, your agent and you will determine an agreed upon value of the car. 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.
It makes good economic sense to find a reputable collector car insurance company to cover your prized possession. Several companies specialize in the writing of collector car insurance policies, and it is best to choose one of these providers as opposed to selecting any insurance company. You will find it is the best policy for your investment
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