How can car racers find the best auto insurance for a classic car? Is it even possible to find cheap antique car insurance? Classics cars can be well worth the sometimes high cost of upkeep and storage – there is no need to have to pay more for insurance coverage than necessary. Read on to learn some of the things that you should know before you purchase a classic car auto insurance policy. Who hasn’t turned their head while driving down the road to get a better look at a classic or collectible car? We’re enamored with the lines of the vehicle as well as its pristine condition. But the detailed attention in maintaining a classic car’s flawless appearance and operation is not only to draw admiring looks, but it is also necessary to keep up the market value of the vehicle. For this reason, along with others, specific standard auto insurance policies were developed to meet the needs of collectible and vintage car owners.
Another reason (a fundamental reason), for ensuring your vehicle as a collectible or classic is the significantly reduced cost of classic car insurance relative to standard auto insurance. Standard auto insurance can cost as much as 200% -300% more than traditional auto insurance. So, what is the most significant factor that causes such a significant disparity in price between classic auto insurance and standard car insurance? Generally, collector vehicles are driven on a limited basis (the garage is where they are usually found). As a result, the risk of accident and loss to collector vehicles is considerably lower than the risk involved in cars that are regularly driven.
WHAT ARE THE RESTRICTIONS ASSOCIATED WITH COLLECTOR VEHICLE INSURANCE?
To keep collector auto insurance rates low, certain usage limitations are placed on the insured vehicle. This rules out using it to drive to work, run errands, or go out for that bite to eat. Under a standard car insurance policy, car usage should be limited to driving to and from car shows and the occasional parade. 2,500 is a fairly standard number among insurance companies that offer superior coverage, but some insurance companies have mileage plans that allow up to 5,000 or 6,000 miles per year. This increased mileage limit was put in place to accommodate those drivers who like to take their cars to distant car shows. Must be kept in a locked garage. A tight, enclosed trailer will also do, but a carport will not meet the grade even if you live in a gated community with a security guard. (The weather is also an enemy of the classic car). Some policies might stipulate that a vehicle cannot be left unattended in a parking lot. This means leaving your car in a motel or hotel parking lot might present a problem.
WHAT CONSIDERATIONS SHOULD BE KEPT IN MIND WHEN CHOOSING CLASSIC AUTO INSURANCE?
Does the company offer Agreed Value Coverage or Stated Value Coverage?
Agreed value lets the classic car owner, and the best car insurance for health professionals set a value for the auto that does not necessarily reflect the market value for that car. Usually, the insurance agent will have to do a thorough inspection of the vehicle both inside and out and will require photos of the car.