Owning a collectible car may be a matter of pride for some; however, it also is an investment. As with any investment, an adequate protection in the form of collector car insurance is necessary. Since the repair and replacemnt of a collectible car can be cost prohibitive, a collector car insurance policy will financially save you in the event you fall victim to theft, an accident or damage.
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 three main stipulations are mileage limits, vehicle age, and driver qualifications. Additionally, an insurer will insist the vehicle be secured in a garage when it is not in use. Get your free auto insurance los angeles Quote Today.
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. The mileage driven is limited to car, hobby, and show activities for the most part; collector car insurance policies do not permit driving the insured vehicle for commuting or commercial activities. Receive competing chicago auto insurance Quotes Today.
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.
Driver qualifications are a consideration as well, an owner or driver must meet minimum requirements to be eligible for collector car insurance. 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. Unlike a regular car which has its value set by automobile industry standard practices such as a blue book value or fair market value, you are permitted to determine the value of the car at the time of the writing of the policy. 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. Compare california auto insurance Quotes for Free.
Selecting a well qualified insurance company for your collector car insurance is a necessity to protect your investment. Although many insurance companies can write your collector car insurance, it is best to find a company that specializes in this type of coverage
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