Auto Insurance For Collectible Cars

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.

Collector car insurance differs greatly from regular car insurance. Insurers have specific prerequisites that have to be met before a policy can be written. 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.

In most cases, the insurer will not permit more than 5,000 miles per year, although some companies may offer an excess mileage addendum. 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.

Collector car insurance policies also have a requirement on the age of the vehicle. 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.

Driver qualifications are a consideration as well, an owner or driver must meet minimum requirements to be eligible for collector car insurance. 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 the conditions for the collector car insurance is achieved, you and the agent will set an agreed upon value for the vehicle. As opposed to a regular insurance policy where the value of a car is determined by fair market value, in a collector policy, the value of the car is a figure you and the insurer will agree on. Whatever amount you and the agent agree to is the amount that will be paid to you in the event the car is a total loss due to an accident or theft.

Selecting a well qualified insurance company for your collector car insurance is a necessity to protect your investment. Several companies specialize in the writing of collector car insurance policies, and it is best to choose one of these providers as opposed to selecting any insurance company. You will find it is the best policy for your investment

online auto insurance quotes

free online auto insurance quotes

free online auto insurance quotes

Get free online auto insurance quotes to make better auto insurance rate comparison.