Classic Car Insurance – What You Need to Know About It!

January 18, 2017

Although most people are treating their classic car as collectibles, it is still important for them to get a classic car insurance to protect the car. This is because there are still chances that it might get damaged although it is very seldom driven on roads. It is very important for the car owners to choose the best classic car insurance for their cars as different classic cars have different needs.

Classic car insurance is different from regular car insurance in terms of value paid for the car in the event of any total loss situation. Regular car insurance pays the car owner the actual cash value or the standard value to the car owner when he or she makes any claims. This means that insurance company would pay the depreciated value of the car or the payment up to a particular amount. On the other hand, insurance company would pay a classic car insurance holder the pre-agreed value of the car when there are any claims filed.

The classic car insurance offered is for the value of the car if the owner never drives the car. For this to work, the owner needs to get the car appraised and submit it to the insurance company at the time he or she purchases the policy. However, insurance company usually pays the claim if the car is not attended by its owner. This claim however, depends on the owner on whether he or she has fulfilled all the requirements set by the company.

It is compulsory for an owner to keep the classic in garage when it is being driven to ensure its safety and security. The driver also needs to have a good driving record for at least the past ten years. Besides that, the classic car must be at least fifteen years old to be eligible for this classic car insurance plan.

Since classic cars are usually valuable, it is advisable for the owners to conduct some research on the classic car insurance policies before deciding to choose which to settle with.

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