The Non-standard Classic Car Insurance
Classic car insurance is a specialized insurance instrument designated for certain cars. This special insurance is non-standard and affords the owner of a classic car optimum coverage for his investment. Nevertheless, before a policy can be written, your automobile must qualify under the providers classic car insurance requirements.
For the most part, a classic car is defined as one that is more than 15 years old. In some States, a more broad definition of a classic car is used, be sure to check your state definition to ensure your car is indeed a classic.
The insurance companies have stricter requirements on classic car insurance than they do on regular vehicle coverage. In addition to the age of the vehicle, insurance companies will require several other conditions to be met. Those conditions will be a limit on the number of miles driven in a year, keeping the car securely stored when not in use, and limitations on the age of the driver and their driving experience and record. As part of your classic car insurance, the company will also stipulate an 'agree-upon' value .
Most states allow the insurer and owner of a classic car to decide on an agreeable value of the car. You and the insurance company will set a value on the classic car that will become part of the policy. The amount is the total loss value of the car in specific monetary terms. Unlike a regular vehicle, where 'the blue book' or fair market value determines the total loss value of a vehicle.
As far as the drivers age, most insurers will mandate a driver be over 25 and to have a license for at least so many years. Of course, an insurance company will also check your driving record prior to issuing a classic car insurance policy.
In addition to the age and experience of the driver/owner, a mileage limit will be assessed on the classic car. Insurance providers vary on this limit, some allow up to 5,000 miles per year while others may permit more. If you want to reduce your monthly premium, you may be able to select a lower mileage limit with some companies. Although the insurer will not regulate you driving the car to shows, clubs or hobbyist activities, you will be limited from using the car for many other purposes, including daily commutes, and commercial purposes.
Using a reputable firm that specifically deals in classic car insurance is the best way to ensure you are getting the protection and value for your classic car. Usually these specialized companies can serve you better than a regular insurance provider.
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