http://www.timelessrides.com/classic-car-insurance“>Classic car insurancequotes are not as expenzive as many think. If you are shopping for a 1969 Chevrolet Impala but are worried about insurance prices, it may feel good to know that classic car insurance on a 1969 Impala will be more like 1969 insurance prices than insurance prices today for a daily driven vehicle. There are a few reasons for this. Classic cars are driven carefully by their owners. They are not driven like other cars, where they can be damaged in parking lots or at your job. Because collector cars are garaged for up to half the year in the northern climates, there is less risk to the insurers. All this makes for a very small liability for the insurer, enabling them to charge very small premiums. Statistics show that classic car insurance claims are extremely low compared to a daily driver vehicle.
There are a few catches to securing these low insurance policies. First of all, because the insurance company is insuring your car as a collector car, your yearly mileage is restricted. Most classic car insurance policies allow up to 250 miles a month or 2500 miles a year. Keep inmind that some insurance agencies require yearly odometer readings. Age restrictions are sometimes required as most classic car insurance policies require the insurer to be at least 30 years old, with a good driving record. Another requirement is a garage, but if your car has any serious value to it I can’t see it sitting out in the backyard or driveway. The last requirement is proof of another vehicle for your daily driving. The daily driver vehicle does not need to be covered by the same insurer. The collector car insurer just wants to make sure you will not be using the collector car as a daily means of transportation, and use the collector car for only pleasure cruises.
Before you contact an insurance agent, you should have a rough idea of what your car is worth, or at least how much you want it insured for. Average insurance values and amount rewarded to a daily driven vehicle is somewhat different than a collector car insurance policy. On a new car, the car value can depreciate over time, and the insurance company will use a standard payment amount depending on the year/make/model, etc. and you do not have any say as to what the true value is, they determine it. This program is called an Actual Cash Value, and should not ever be used on an older classic car. An insurance policy with a collector car insurance agency will set up an Agreed Value Policy, meaning you and the insurance agent agree upon the value of the car beforehand, and this will not change due to depreciation, etc. You will get the full value you agreed upon in the case of theft or total loss. A cash value policy, which some classic car owners have with their current daily driving auto insurers, could actually pay only a tiny percentage of the true value. Collectability, rare options, and other details that make collector cars more valuable may just not be used in the Cash Value policy. Just don’t do it!
Most collector car insurers allow you to use any shop you want for repairs. It is your baby, and you should be allowed to use what shop you want. Make sure you ask this of any insurance agency you are looking at, as not all of them allow this. Since most insurers do allow you to select your shop, it is advisable to move on and find another insurer if they do not follow this procedure. http://www.timelesshotrods.com/hot-rod-insurance“>Hot rod insurance can be purchased just as easily, but more work may be needed proving the value of the car. Proof of the purchase price and all receipts of labor and parts for building and restoring the ride will make insuring the hot rod a lot easier.
If you are looking to buy or restore an old classic, do not skip doing the research to insure the car properly. Classic car insurance claims are extremely low compared to standard auto insurance since the loss of a classic car is likely to be more than a standard auto. Even if your car is not restored but could be worth tens of times more than it is now, it may be worth looking into insuring it for the full value once restored. This is especially true if it is going into a shop to be rebuilt. Many classic car car owners assume the body shop has insurance, and that insurance agency will cover the car. This may be true, but if somehow the shop goes up in flames, likely other cars will have been damaged and destroyed as well. If the shop only has 1 million dollars in coverage, but the inventory that was destroyed was worth more than 1 million, someone will be short changed. Don’t let it be you.
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