Thursday, August 7th, 2008 Subscribe To Our Feed
Owners of antique cars are usually very proud of their possession; nevertheless, not one owner would ever consider failing to insure their car. Fortunately there are antique car insurance companies who are able to provide the sort of cover an older car needs. This is obviously good for the person searching for the classic car insurance as they have plenty of companies to choose from.
Classic car insurance is available for a wide variety of collectible cars, from antique autos to restored muscle cars to custom cars. While regular insurance is required for every car on the road, custom cars aren’t required to have to have antique car insurance, even though the car may not be fully covered under a standard policy.
The cost of replacing an antique car is difficult to put into figures as owners are aware how difficult they are to replace; no serious owner would ever fail to insure this prized possession. Antique car insurance is not that difficult to find with many companies now able to provide this specialist service. This is good news for the classic car owner who wants a specialist company to look after his insurance as they should have plenty of choice; they are also more likely to get the policy at a competitive price.
Why are premiums for classic car insurance so low? Insurance companies consider the fact that classic car, antique car, and collector car owners are safe drivers, treat their cars gently, keep them securely garaged, and accrue very little annual mileage.
The fear for people using a small independent car insurer is when they may need them to pay out for a claim and get a rejection or find they are filing for bankruptcy. It might at first seem like hard work finding an antique car insurance company you feel confident about; if you want to protect your investment however, it is a necessary process. Most classic cars are worth many thousands of dollars and that is a big loss if the car is ever stolen or destroyed so having auto cover may be the most valuable protection you ever purchase.
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This can be an awkward situation when you have been paying your insurance premium regularly to find the insurance company will not pay out on a claim you have made. It can be a lengthy process finding a reliable antique car insurance provider; nevertheless, it is far better to spend a little time doing this than not having the car insured at all. Most classic cars are worth many thousands of dollars and that is a big loss if the car is ever stolen or destroyed so having auto cover may be the most valuable protection you ever purchase.
Another change from traditional insurance and antique car insurance is the types of policies offered. In traditional insurance, vehicles that have been in an accident will either be repaired or will be deemed “totaled” and a check will be issued to the owner for the actual cash value. Classic car insurance policies can be purchased for “Agreed Value.” An agreed value policy ensures car owners that they will receive a prior agreed upon amount in the event of an accident. An agreed value policy does not depreciate a car’s value in contrast to actual cash value policies and stated value policies.
Many antique car insurance providers offer a wide array of insurance discounts. There are discounts for everything nowadays. Many big name (and not-so big name) providers offer discounts to homeowners, military, federal workers, and customers wanting to sign up for multi-coverage package deals. The list goes on and on. It never hurts to ask about what your auto insurance company can do for you. Don’t be shy, ask and you shall receive.
It is possible to use specialist auto insurers and often the premium is lower because this is the only type of insurance they provide, this might mean that you will not be able to insure any other type of car with them. There are even companies that will only insure a particular type of classic car which might make it difficult finding an insurer for your own vehicle.
Don’t go for the full package of antique auto insurance if you’re not taking your car on the road. If your classic car is just for show, you can save by opting out of the full insurance package.
Despite the often lengthy process of finding a reliable antique car insurance provider, you do not really have an option if you want to protect your investment. Most classic cars are worth many thousands of dollars and that is a big loss if the car is ever stolen or destroyed so having auto cover may be the most valuable protection you ever purchase.
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The vehicle must be a specific number of years old. The typical limit is fifteen years. What this means is that if your vehicle is not fifteen years old, it will not qualify as a classic or antique car.
People who own antique cars are generally passionate about them; nevertheless, not one owner would ever consider failing to insure their car. Although you might think it hard to obtain, it is surprising how many companies can actually supply antique car insurance.