Collector Vehicle Insurance - Everything You Need To Know
Another excellent product offered by insurance companies is known as classic collector vehicle insurance also called non-standard auto insurance
. For persons who own a modified car or a classic car ask your insurance agent about this coverage.
This form of insurance is similar to standard insurance, but there are differences with regards to the usage of the car and the process by which the value is determined. There are certain criteria that a classic collector needs to meet before he or she is considered for this form of insurance. This includes a minimum age of 25 years, clean driving record and at least ten years driving experience. The make and model of car also plays a significant role in determining the insurance rate. Of course, being considered a high risk driver affects all of your vehicle insurance rates, including insurance for classic cars.
Common Collector Vehicle Insurance Restrictions
For a car to be considered classic it needs to have a minimum age of 15 years. States such as Massachusetts require that the car is at least 25 years old. Many Insures will only consider insuring the car if the components are genuine or restored to their original forms. The car must be kept in a garage and the owner must have an additional vehicle for daily usage.
Most policies will allow for pleasure driving such as going to a club or hobby activities. The policy will not cover extensive usage such as driving to work and commercial use. The same is true for modified cars.
A Boon to the Car Collector
Another factor to consider is the means by which the value of a classic car is determined. Most sates with the exception of Texas, Massachusetts and Virginia the insured value is an agreed value by both parties.
In the case of standard insurance the provider determines the value of the car. In the case of a classic vehicle insurance the specialty insurers agree with the owner on the value of the vehicle and they are bonded to that figure in the event of a total loss of the classic car.
Because of the limitations placed on the operation and storage of a classic or modified car as well as the predetermined value. Insurers can offer better policy rates for such classic vehicle insurance when compared to standard insurance.