Classic Cars

Before settling for an insurance company you need to pin down the requirements that you need to attach to your classic car. Your insurance profile will be determined depending on: how often you will be driving the car – all year round or just on warm, sunny days; how many miles you intend on driving – some classic car insurance companies will restrict you to drive a certain mileage while others won’t do that, but will oppose to your using the car for public and frequent transportation; what the estimated worth of the car is – it’s not a new car so the insurance company won’t be able to set ahead a standard value; you will also need to jot down any modifications that have been made to the car and specify the parts that have been replaced. Some companies will ask for a number of pictures to be taken of your inside and outside of the vehicle before they asses your classic car insurance policy. This will save you a lot of time and effort. Last but not least the age of the vehicle is very important. Unlike the cars that are intended for daily use, classic car insurance will charge more for older cars and less for newer ones.

The owner of a classic car will be allowed to drive it as much as a couple of thousand miles per year. In case the owner disagrees and asks for a more mileage than the classic car insurance company will charge higher premium or deductibles. It may be just a small detail but the garaging is also very important and restrictive. The car should be kept in a garage at all times when it’s not driven. Not anybody is allowed to use it – the driver must have at least 10 years of experience and a clean driving record. Some of these specialized companies require the owner to have another vehicle for frequent use; others will insure only cars that are 25 years old or older, only these qualifying as collector’s vehicles.

Usually, classic car insurance works the agreed value system, which refers to compensation. There is a value that the insurer agrees to offer in case the car gets stolen or damaged beyond repair. This is considered to be the most effective way to insure a classic car.

But there are problems that stem up from the confusions of the real value of the car and the estimated value that the owner affirms. Very frequently the owner will place a higher value than the price he purchased the vehicle with. Classic car insurance companies can charge a fee for the evaluation of the car and it will always take place considering the actual condition of the car, the people that restored the car, the parts that have been replaced and the models that are most appreciated by the clubs.