Common Guidelines and Terms to Recognize in Insuring a Classic Car
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The common fault of first time buyers of classic cars is they insure them under the usual auto insurance. Collectors recommend that you should purchase a classic car insurance policy because it has a specialty program that will suit the needs of your vintage car. It can cover your car in its restoration, when it is shipped for an event in another country, when something happens to it during car shows and other special needs. You see, the policy is limited on the use of your car. If you intend to just garage it, there is a policy for it. The same goes when you put it in car shows and other events.
Of course, owning this kind of car will entail that you will restore it and give back its life, shine and power. Restoration means shelling out money just to find the few people who can repair these things and locate rare spare parts. Insurance companies that do not give specialty insurances do not understand why you need to get a particular mechanic or a particular shop that sells your parts. They treat it as a normal car without considering that it is a classic car and its maintenance is far more of the specifics than the standard everyday car. They won’t even give you the special coverage given above. So, look for a company that offers classic car insurance and consider the following:
1. A good driving record is required and always a plus
2. Your driving experience should reach 10 years
3. Your car should be at a certain age (depends on the company how old they will consider to avail of the specialty insurance)
4. An everyday car that you frequently use than your vintage automobile is a must
5. It should not be commercially driven
6. You will only drive it for a number of miles per month. Overdriving is a no-no.
In addition to these, be aware of the terminology used in your policy. This is to avoid spending too much and getting the most out of your classic auto insurance. We have Actual Cash Value, Stated Value, and Agreed Value. In the event of a crash and your car was literally like a crushed can, Actual Cash Value coverage will only pay the amount that you paid for the car and even a depreciated value. Stated Value coverage will pay the amount you stated for the car but can also be lesser than that. So, an advice would be to get Agreed Value. This coverage will promise to bring you back every dime of the amount you and the company agreed upon.
In searching for a classic auto insurance online, AutoQuoteNow.com can aid you in landing on a good company. They give you instant free insurance quotes that you can compare. And if you are a first timer, they have auto insurance specialists that can help you in locating the right company for your classic and used car.
