International Insurance

Posts Tagged ‘Classic’

A lot of of car insurance companies really don’t understand what people in the historic classic car field actually want. They are blinkered by the needs of the day to day car use of Peter public. Everything has to slot into a standard category and car price goes down ceaslessly as the years speed on by. If you change items on the car they start licking their lips with the anticipation of a nice fat commission check. So what happens if you suddenly have the urge to purchase a classic motor vehicle, a hot rod or simply want to ‘pimp your ride’ and make it look the talk of the town. Well fortunately there are businesses out there that only do this kind of thing. They know what the car collector needs and make it their passion to keep them happy with the products that they provide.One of the main aspects of classic car collecting is that your motor vehicle is likely to increase in value as the years pass. This is the exact opposite of the ordinary car market. As a result classic car insurers have a system of agreed valuation. Therefore you can set your own value on the vehicle that you posess. Its value may be bigger because it is an historic vehicle or possibly because you have spent a lot of money changing the body design or the engine specification. However this has to be agreed with the insurer and so you just can’t simply dream things up or over rate the car’s condition or features. You may have to give photos of the vehicle as part of the agreed valuation.

This doesn’t necessarily mean that antique classic car insurance is going to be costly. This is because the insurers know that the people who own such cars are serious about their investment and will be driving with the greatest care and usually trying to keep their vehicle safe. Drivers who own such vehicles are usually not using them for the conventional day to day commute to work. A lot of the time they locked up just waiting for that show event to take place and then with loving care they are shown in all their glory.

There are some other factors that are important in the choosing of cover in this particular area. If you intend showing your car at events then there is coverage for this particular field. Coverage can also be provided for foreign travel and touring. This could also include the shipping to the foreign country, spare parts, labor and trip interruption.

Some insurers have restrictions on the annual mileage that you can do with your car. This is actually an attempt to stop you using it as your family car. There are others that have no restrictions at all. If you know that you are only going to do a small number of miles in a year then this can also be used in keeping the insurance costs low.

If you suddenly have the desire to purchase a certain car and have to get it straight away there is also instant cover available for a short amount of time on a new acquisition. This allows you to buy it, get it home and worry about the final insurance cost at your leisure. This is a very useful feature as I am sure that a lot of vehicles are purchased in that moment of madness which occurs when you are presented with an offer you just can’t turn down!

It is never too late to begin your own collection of classic cars. I owned 2 Landrovers at one time. I really wanted a car that was older than me and I found a 1956 series 1 Landrover which just fitted the bill. I also had a 1964 safari long wheel base Landrover as well. I actually used this one as my main vehicle asI found the insurance for limitless mileage was cheaper than the usual insurance on a modern car. The main idea is that you should not allow the fear of antique classic car insurance cost stop you starting your own classic car collection.

No matter what kind of car you own, having a car insurance policy for it is absolutely necessary if you are to protect yourself from any unexpected expenses that might come with accidents caused by or caused on your vehicle. It even becomes more important to have a special kind of protection when you own a classic car since the repairs that you might have to deal with when your car figures in an accident would most likely be expensive. You have to make sure that your protection adequately covers your vehicle. There is nothing that you would regret more than having to shell out all that money for repairs just because you neglected cover your car with a classic car insurance policy.

There are varying definitions of what constitute a classic car. Different insurance companies would have their own guidelines and categories for these cars. The age and the number of cars of the same kind ever manufactured and still on the road are often the considerations in classifying cars as classic or vintage. Not a whole lot of insurance companies offer classic car insurance. If you are to get one for you classic car, you have to search for these insurance companies and do your research as to the differences between a classic car insurance and your regular car insurance policy. Ask around to see which insurance companies give the best coverage at the most affordable costs.

Here are some tips that could help you in your search for a good car insurance coverage for your classic car:

1. Find out which category your classic car falls under. Classic and vintage cars made no later than the early seventies going back to the period right about the end of World War II fall under anyone of the four categories in as far as car insurance is concerned. Your classic car could be Veteran, Edwardian, Vintage, or Classic in classification. A fifth category is added for collectible rare cars that are about five to ten years old. These are classified as Cherished cars. Car insurance companies offering insurance coverages for classic cars could cover any one or several of these types of cars.

2. Determine what value to put in your car insurance coverage. Unlike ordinary car insurance, you can actually name the value of your car to put down as your insurance coverage. The Agreed Value for which the classic car is insured will be the maximum amount that the insurance company will give you in case of a claim. It is important to have your classic car’s appraisal up-to-date so you know how much it is worth at market value. The Agreed Value may be changed depending on the car’s condition upon renewal of your car insurance policy.

3. Know if there are limitations as to your classic car’s usage and storage under your car insurance policy. Insurance policies for classic cars often have restrictions on them. These limitations could consist of mileage restrictions and a garage lock-up. Limiting your mileage could work to your favor too. If you initiate an agreement to drive to a lower mileage limit, you could cut your premiums back by about 5%. If you plan to participate in car shows and other car events, you have to make sure that your insurer knows about this as this could affect your coverage. Make sure also that both you and your insurer agree as to the storage conditions of your classic car.