Classic Car Insurance Policy for Your Car

Article by alien

If you have a car that is fifteen or sixteen years old then you will be unrestricted to cover it using the classic car insurance policy. There were many restriction imposed when you go for car insurance in past also with only limited features provided by it. There were insurance brokers who were approached when you wish to buy an insurance policy for your vehicle. The insurance companies and the insurance brokers both were exacting about the model, type etc of your car. There insurance quotes available online whenever you wish to buy an insurance policy you can go through the features provided by different companies on the internet.

Many of the most famous insurance companies are now available online, which saves your time as you do not need to visit the insurance broker’s office. The classic policy is now available online and also on cheap rates. New and new companies are entering every day in this field with new features and new options. As the competition is increasing companies are coming up with new ideas to attract people on cheapest possible prizes. You can choose the best of it on the cheap prizes.

All the classical policies available are provided by different companies so the terms and the coverage’s are also different. You can select the correct coverage by going through all these available policies. There are some restrictions that are imposed on driving your car if you have applied for the classic car insurance policy. Some of the policies limit your mileage which is number of miles covered per year. You can not exceed the mileage of your car if you want all the benefits of your insurance policy. You must go through all the quotes of the policy before purchasing it so that you may not be abandoned at the time of claim.

If you think you have to buy a classic car insurance policy then before applying go through all the options as there are many insurance policies that are providing insurance cover at cheaper rates for women, old people. Also person below twenty five year of age can not take the benefits of insurance but with time certain companies are also providing insurance for these people. Many companies are providing the insurance covers also for the people above twenty. The rates of insurance policy also vary with the price and model of cars. Cheap insurance is available for cars which are not very costly.

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A Separate Classic Car Insurance Policy Is Essential

Article by Fredrick Michaels

Classic cars fall within a very broad category that includes any motor vehicle considered collectable. Market values are set by the demand to acquire the make, model, and year of a certain vehicle, and the value will steadily climb over time. Insurance is a very specialized market segment that is underwritten by less than five percent of all automobile insurance companies. When seeking to insure a classic car, consider the policy form, coverage and limitations, and the requirements for qualifying for insurance.

Insurance agents that participate in the hobby understand the nuances of insuring a vehicle with a set value. The policy form is very important when underwriting a classic car. The Agreed Amount, or Agreed Value, form must be used when the policy is purchased. The agent and the insured driver will actively agree on the amount the policy will pay in the event of theft or total loss in an accident. There is no “actual cash value” clause on the policy form that would allow the insurance company to pay less for the car. Agreed Value insurance policies grant peace of mind for the driver whose car is unique and irreplaceable. When the driver incurs loss, a comparable uses to the money paid by the insurance company.

Classic car insurance policies place some limitations on the level of use allowed for the car. Fewer than 2,500 miles per year are allowed to be driven on most policies, but some policies allow up to 5,000 miles per year. The classic car is driven occasionally for special events and is not considered an everyday use vehicle. When repairs to the car are required, the insurance policy covers the acquisition of original parts, and the repairs will be made in a specialty repair shop that might cost a great deal more than the average repair shop. The value of the car can be impacted directly by the parts used for repair. When original wheels or steering wheels are present on the car, the insurance policy can cover these very valuable features.

Drivers who wish to qualify for a classic car insurance policy must pass stringent underwriting criteria. Excellent driving records for all drivers are important, and young drivers are discouraged from driving the car. Special car care requirements are stated within the policy, including garage storage. Driver age is considered a mark of maturity, which plays a direct role into the premium set for the insurance policy. Most classic car policies require the driver to have another car in their name that is for everyday driving.

Research the few classic car insurance companies and look for an agent that will agree with your requirements for a separate policy. There are some agents that will try to convince you to place the classic car on your existing policy. If a claim must be filed, the value of the car will never be paid under a standard car insurance policy. Know the market value of the car, and be prepared with the agreed value prior to meeting with the agent. No one wants to make insurance claims, but if payment is requested you can rest assured that an Agreed Value insurance policy will pay to buy a comparable classic car.

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