Insurance for Classic Cars: What you need to know
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Miles Walker - 29/03/12 at 07:03 pm
If you are lucky enough to own a classic car then you will want to be sure your good fortune does not run out because you do not have the correct insurance coverage for your prized automobile. You will rest easier if you call a major provider to provide professional protection for your beloved automobile investment.
How to Evaluate Classic Car Insurance
The main purpose of insurance is that it does what is needed when it is needed. Classic car insurance differs from traditional car insurance also, just as a classic car is different from the generic vehicle. You are basically buying protection for occasions when disaster strikes, like a collision, fire, or act of vandalism. In the same way that airbags protect us in crashes, collector’s insurance protects our property when unexpected events come our way. The time that you put into finding the right insurance is well worth the peace of mind and value that a good collector’s policy will bring.
Classic Car Insurance Differences
This type of car insurance differs from the type of insurance you purchase for coverage of daily transportation needs. Collector’s car insurance is designed for the particular needs of the classic car collector. Traditional insurance does provide you some protection, but can leave you stranded in the case of a loss that is uncovered by the insurance contract terms.
Requirements
It helps to have a good driving record, a minimum of 10 years driving experience, no teen drivers covered, a secure garage, and proof you do not drive the classic car for daily transportation. It also helps to have limited mileage on your car. You probably are not driving this car for daily transportation, and your insurance company would prefer that you did not. Recently, mileage limits have increased, so if you drive 250 miles or less per month, you should be fine.
Review Your Limits
Review your coverage limits periodically because prices of classic cars are going up. The value that you insured your prized classic car for a decade ago may be only a fraction of what it is worth today. Ask your agent to provide you with appropriate insurance if you are restoring a vehicle. If your car is stored with no engine inside, there is no reason to pay more for mileage.
Keep Records
Keep all your paperwork and receipts for parts and labor so that you can document how much money you have put into your classic car investment. Keep this information updated and located with your other important papers.
Miles Walker is a freelance blogger who usually writes about where you can buy car insurance online over at Car Insurance Comparison .org. His recent review looked at Hawaii car insurance.