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 is a specific and specialized form of insurance that is quite different from your regular vehicle insurance policy. Insurance companies have several requirements before they will underwrite a policy to cover your collectible. 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.
Restrictions on the vehicle’s age are a primary factor in collector car insurance policies. The majority of companies require the car to be at least 15 years old. 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. Minimum age of a qualified driver is mostly 25 while the minimum driving experience is 9 years.
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. Whatever amount you and the classic car insurance company 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.
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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