Owning a collectible car may be a matter of pride for some; however, it also is an investment. To protect that investment, collector car insurance is a much needed necessity. As collectible cars are quite expensive to replace or repair, a collector car insurance policy will protect your investment against possible damage, theft, or accidents.

A regular insurance policy will not offer the specialized benefits of collector car insurance. Insurance companies have several requirements before they will underwrite a policy to cover your collectible. The most important requirements are the drivers age and qualifications, the age of the car, and mileage limitations. In addition, most insurers have strict guidelines on vehicle storage when it is not being driven.

Limits on miles driven per year is usually no more than 5,000, although some companies have provisions for excess miles. A collector car insurance policy will also limit the purpose of driving, for instance, daily commuting and commercial purposes are not permitted, while traveling to car shows and car related events are acceptable.

Another restriction on collector car insurance is the age of the car. In most cases, the car must be a minimum of 15 years old. A few insurers define a collectible car as being more than 25 years old and in rare circumstances as much as 35 years.

In order to qualify for collector car insurance, a driver must meet certain qualifications as well. A large majority of companies set a minimum driver age at 25 with minimum driving experience of 9 years or more.

Once you meet the stipulations for your collector car insurance, you and the insurers agent will negotiate the car’s agreed upon value. Unlike a regular car which has its value set by automobile industry standard practices such as a blue book value or fair market value, you are permitted to determine the value of the car at the time of the writing of the policy. The amount you and the classic car insurer agree upon will be the replacement value of the car should it be a total loss.

You can protect your vehicular masterpiece with collector car insurance from many different insurance providers. However, choosing a company that specializes in collector car insurance will give you the best coverage and maximum benefit

Filed Under Car insurance