Classic Car Insurance – Make a Wise Choice
Traditional car insurance is important for classic car masters because this kind of automobiles need more attention from the owners compared to regular types of cars. Most of the time, if classic automobiles are now being maintained well by its owners, they can fetch a high price in the market due to their rarity and therefore, their owners have a tendency to make a claim even though the damage on the cars are probably just minor ones.
Typical car insurance might not be capable to protect typical cars to such expand, and therefore there exists a need for classic car owners to acquire classic car insurance coverage to safeguard the cars to the maximum.
There are several special requirements that you need to satisfy before you can purchase classic auto insurance for your car. First of all, you must have a good driving record with at least ten years experience. Usually, teen drivers or drivers with very poor driving record are not granted to hold a classic car insurance policy. This is because classic cars aren’t the safest cars around and the inexperienced and reckless drivers is probably not able to handle the valuable cars with sufficient obligation.
Next, you should also have proof that you have another car for your daily transportation. Most of the time, you will have a limit for your classic car’s mileage if you are planning to insure it under traditional car insurance. You are unable to drive the car very often with the limited distance. Therefore, you need to have another mode of transportation for your daily commuting before you can occupy classic car insurance.
Your car must also achieve a certain age before it can be classified as a classic car. If it is not old enough, it usually cannot qualify for the insurance. You need to consult with your insurance company to determine the age of your car required to get into classic car insurance policy.
Next, you should also become familiar with the value of your plan. You will find three types of value, that are actual cash value, explained value and agreed value. Cash value is what you usually comes from regular car insurance coverage which is the expense of the car minus depreciation. Stated value is a explained value of the car that this company would pay up to, but might not guarantee to pay the full explained value. The deductible up to $1000 usually applies in this type of valuation. Agreed value is a value agreed after by you and your insurance provider. For this valuation, there is no deductible the majority of the time.
Purchasing the right classic car insurance for your car is very important so that it can get sufficient protection from the policy in any cases that it obtained damaged or stolen.