|
Collector Car Insurance Tips Resources
About Collector Car Insurance
Any vehicle that has been highly customized or that is a collectible car should be insured by a specialized collector car insurance policy. The reason for this is that traditional insurance companies base insurance claims on bluebook values and your collectible car that you've babied and cared for has a much higher market value than the average car. Though collector car insurance may sound like an expensive luxury, it can actually be quite affordable as collectors tend to have very low accident rates in their prized vehicles, partly because most collectors don't put a lot of miles on their collectible cars.
Insurers that provide collector car insurance vary widely. Some provide insurance only for classic cars that are at least 20 years old and restored to nearly their original condition. Other providers insure mostly customized cars that have been improved way beyond their original condition, and are thus worth far more than the original car was worth. Some collector car insurance providers specialize in only one or a few makes and models. Some collector car insurance providers place special requirements on the car owner, such as storage in a secure, enclosed facility. If you look around, you should be able to find a collector car insurance policy that meets your needs.
Collector car insurance providers exist because it makes sense that after you put time and money into making a car as good as or better than new, you don't want all of that effort to go to waste in a moment. As mentioned above, you can get a very good deal on collector car insurance because of low accident rates. In fact, in spite of the vehicle's high value, a comprehensive policy can often be obtained for less than a standard liability policy on a traditional vehicle. In most cases, you can even avoid a deductible.
You can often negotiate what mechanics and what types of parts will be used on the vehicle in the event of an accident. The value of your insurance will typically be based on a professional appraisal. If you don't agree with the appraisal, you can ask for an adjustment or simply go to another insurer.
If you collect many cars, you should verify before your purchase of insurance that any collectible cars you buy in the future will be covered at an agreed on value or the price paid for a few days after the purchase to give you time to purchase an insurance policies.
|
