Collector Car Insurance

Owning a collectible car may be a matter of pride for some; however, it also is an investment. As with any investment, an adequate protection in the form of collector car insurance is necessary.

Especially since a collectible car is expensive to repair or replace. A collector car insurance policy can protect you financially in case of damage, an accident or theft.

A regular insurance policy will not offer the specialized benefits of collector car insurance. As such an insurance carrier has certain provisions that must be met prior to issuing a policy. Three of the major requirements are limits on miles driven per year, age and driving record of the owner and the age of the car. Additionally, an insurer will insist the vehicle be secured in a garage when it is not in use.

Limits on miles driven per year is usually no more than 5,000, although some companies have provisions for excess miles. A further restriction on mileage driven is that a car can not be used for commercial purposes or for daily commutes, however, a collector car insurance policy does allow the car to be driven to car shows and related activities.

Restrictions on the vehicle's age are a primary factor in collector car insurance policies. Most insurers have set 15 as the minimum age for a collectible car. Although some companies will set this number higher at 25 and occasionally at 35.

Collector car insurance companies will require certain driver qualifications before a policy can be issued. The overwhelming numbers of insurers require a minimum age of 25 with at least 9 years of driving experience. Some providers also require a clean driving record.

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. This amount, when agreed on between the classic car insurance company and you, is the set amount that will be paid in case the car is a total loss as a result of a covered incident.

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