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Classic cars, whether they are irreplaceable antiques from the distant past, one-of-a-kind collectible cars, or modified hot rods, need specialty car insurance due to their value, rarity and use. Traditional car insurance underwriters who do not usually have the experience dealing with antique, limited production or modified cars are not suited to provide classic car quotes or determine the risk profile of such vehicles.
Even people other than automotive aficionados can appreciate a car from decades ago which has been preserved and restored to its original showroom condition. This car could be stored in a locked garage and rolled onto a trailer to participate in a prestigious car show such as the Pebble Beach Concours d’Elegance to be driven a short distance on a closed course. The way this car is handled, stored and driven will qualify it for a car insurance rate especially set for collectible cars. The low mileage use and careful storage of this vehicle would decrease its risk of an accident and cost less to insure than a regular commuter car.
Lower Insurance Quotes for Collectible Cars
To obtain discount car quotes available to collectible cars, the sole use of the car must be for display at car show venues in which the owner would satisfy a number of stipulations. Included in these stipulations which are set in order to protect the car from a traffic accident, theft, vandalism, or natural disaster are; proof of owning a “daily driver” car for personal use, storage in a locked garage with anti-theft devices, and a limited mileage allowance.
Agreed Value Coverage
The most important assessment which a specialty car underwriter must make is to establish a replacement value which he and the owner agree will cover the price to replace the vehicle if it is totaled. The agreed value guarantees you will be compensated for the complete value for which the car is insured if it is destroyed. Any time an owner purchases collectible car insurance, it should include agreed value coverage.
Classic Car Insured Usage
Most specialty insurers acknowledge that you may want to drive your car for pleasure. Under specialty auto coverage, allowances can be made to drive your car in parades, car shows and classic car exhibitions. Even an occasional pleasure weekend drive to maintain the car’s drivability is allowed
While a new SUV, home-built kit car, ATV or tricked-out commercial vehicle may seem like a “classic” in the eyes of its owner, many of these do not qualify for specialty car insurance. Any vehicle which participates in races rallies or other track events is not insurable as a specialty vehicle. Owners of true classic cars are considered more mature and responsible for their vehicles and are considered less of a risk by insurers. At a lower risk, these responsible owners can qualify for lower car insurance rates.