To make sure that your classic car is fully protected, you should always buy adequate classic car insurance for your car. The good thing about a classic car insurance is that it allows to you ensure your vehicle based on its true value rather than stated value. Yes, getting classic car insurance may be a bit costly but if you really want to safeguard your car against theft, accidents and the likes, getting classic car insurance is a must.
Classic Car Insurance
In America today, less that half of collector cars on the road are insured with classic car insurance. These policies have been available for a long time, but many people do not know about them. Most people have a regular insurance policy with high premiums and restrictive policies. You won't get that with classic car insurance. Standard premiums can be at much as 500 percent higher. Why pay that much for such a limited amount of coverage?
There are a few different types of coverage that you have with classic car insurance. There is actual cash value that gives you the book value of the car on a claim, the state value that lets you state the value of the vehicle for coverage, and there is the agreed value that guarantees all of your money back in the event of a total loss. This is the only policy that will not depreciate over the years.
If you are wondering what is considered a collectible vehicle, it may be hard to define. There are many different types of cars that are collected these days, so to find out if your beauty is considered a collectible, you will want to contact a classic car insurance carrier in order to see if your car qualifies for this great insurance.
Finding the Very Best Classic Car Insurance
Before you start hunting for a classic car insurance company for your car, you need to find out first how much the true value of your car is. Getting the true value can sometime be tricky. Bear in mind that an insurance company will want to know how much insurance you want on your car so you need to know the true value of your car.
The value of classic cars can vary and it can be greatly increase based on its uniqueness, its model, its present condition, its age and its history. If your car has some really great history attached to it which can be verified, you can fetch a handsome price on that car. To determine how much is the true value of your classic car, bring your car to an appraiser who works with classic cars in your locality. The classic car appraiser should be able to give you the true value of your classic car.
After determining the market value which is the true value of your classic car, you may now start hunting for a classic car insurance company. First you should call those well known classic car insurance companies. Ask these classic car insurance companies for insurance quotes depending upon the true value of your classic car. When comparing insurance quotes from all these classic car insurance companies, pay close attention to the features of the policy and the cost. Make sure that the cost of the insurance is well justified. You do not really want to pay more money than you should on your car insurance.