If you are the proud owner of a classic car, you don't want to make the mistake of insuring it like you would the family mini van. You will be sorry if you get into a car accident. When your classic car is declared a total loss by a standard auto insurance policy, you will receive the actual cash value of your vehicle, which in most cases will be quite low and won't make a dent in the true costs.
With a classic car insurance policy, you frequently have to meet specific standards to qualify. You must have a minimum number of years of driving experience. Classic cars can not be used for business needs.
One will be asked to verify that they have a different vehicle that is used on a regular basis. There are certain requirements pertaining to how old the classic car is and how many miles it is driven annually. If you meet these criteria, then you may be able to purchase classic car insurance.
All car insurance companies won't offer coverage for these cars. When you find a carrier that does, the cost is usually less than what you would pay for a 'normal' vehicle. The preferred type of auto insurance policy for classic cars is an agreed value policy.
Prior to purchasing a policy like this one, it is advised that you confer with an agent and come to a mutual agreement on a price that will be compensated if your vehicle is wrecked. Get a price quote from the agent.
In the event of an mishap if the costs to your classic car are within the agreed upon value, your insurance carrier will compensate for the repairs. If the charge to fix your car is bigger than the agreed value, you will get your preset agreed amount. There is no doubt that this is the preferred auto insurance policy for a classic car.
Standard auto insurance is usually more expensive than the classic car insurance, but those companies have some criteria that must be met in order to qualify for their programs in order to get those good rates.
With a classic car insurance policy, you frequently have to meet specific standards to qualify. You must have a minimum number of years of driving experience. Classic cars can not be used for business needs.
One will be asked to verify that they have a different vehicle that is used on a regular basis. There are certain requirements pertaining to how old the classic car is and how many miles it is driven annually. If you meet these criteria, then you may be able to purchase classic car insurance.
All car insurance companies won't offer coverage for these cars. When you find a carrier that does, the cost is usually less than what you would pay for a 'normal' vehicle. The preferred type of auto insurance policy for classic cars is an agreed value policy.
Prior to purchasing a policy like this one, it is advised that you confer with an agent and come to a mutual agreement on a price that will be compensated if your vehicle is wrecked. Get a price quote from the agent.
In the event of an mishap if the costs to your classic car are within the agreed upon value, your insurance carrier will compensate for the repairs. If the charge to fix your car is bigger than the agreed value, you will get your preset agreed amount. There is no doubt that this is the preferred auto insurance policy for a classic car.
Standard auto insurance is usually more expensive than the classic car insurance, but those companies have some criteria that must be met in order to qualify for their programs in order to get those good rates.
About the Author:
To learn more visit Safe Auto Insurance and Really Cheap Auto Insurance. Chimezirim Odimba is a financial expert.
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