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. As collectible cars are quite expensive to replace or repair, a collector car insurance policy will protect your investment against possible damage, theft, or accidents. Compare auto insurance san diego Quotes for Free.
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. 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. In addition, most insurers have strict guidelines on vehicle storage when it is not being driven. Receive competing houston auto insurance Quotes Today.
Limits on miles driven per year is usually no more than 5,000, although some companies have provisions for excess miles. 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.
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. A few insurers define a collectible car as being more than 25 years old and in rare circumstances as much as 35 years.
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.
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. 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.
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 Get your free auto insurance chicago Quote Today.
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