Motor Insurance For Car Collectors

Vintage and classic cars are treasures. Nobody can deny the beauty of a AC Shelby Cobra or a Chevrolet Camaro. While classic car collectors treasure their four wheeled beauties, onlookers swoon with admiration on these automobiles. If you are one of those lucky few in America who can afford to collect vintage cars, you would surely want to protect the vehicle as well as your investment duly. There are special insurance covers available for classic cars which are especially designed to cover you for every cent of your investment. Read on to know more about vehicle insurance for classic car collectors.

What comprises classic cars?

A vintage car is typically defined as a car which was built between WWI era and WWII era. The time period is defined differently by many organizations and classic car owners. For example Classic Car Club of America defines classic cars to be distinctive or fine automobiles that were built between 1925 and 1948. These clubs also have official lists of models and makes of cars that qualify as classic cars. Some of the famous cars which have made to the list are Alfa Romeo, Aston Martin, Buick (90 Series), Cord, Doris, Lincoln Continental, and Maybach. These cars are considered collectors items like painting and sculptors by famous artists and are often priced and hundreds and thousands of dollars.

How is the classic car insurance different from normal car insurance?

Unlike normal cars, classic cars insurance has restricted mileage features built into the policy. As these cars are considered as collector items, they are not meant for daily use and commutation, but rather for display purposes. Secondly insurance policies on classic cars are bound to include numerous add on covers like breakdown cover, windscreen cover etc. Lastly and most importantly, insurance policy on classic cars should be taken after a valuation by an expert. Unlike modern cars, these collectables have different value in the eyes of different people. As the owner of an antique car, you might believe that your car is invaluable and should be insured at an extraordinarily high value. However, insurance companies may offer a much lower value.

Tips to purchase classic car insurance:

- The first step to obtaining a classic car insurance policy is to get your car evaluated by an expert. These experts are affiliated to organizations like the Classic Cars Club of America and Antique Automobile Club of America. These experts give an adequate valuation which is mostly agreed upon by insurance providers. Incase your insurance provider does not recognize the valuation, ensure that there is a compromise and your interests are kept in consideration while signing on the policy.

- Remember that the agreed valuation is an amount that needs to be paid to you incase your car gets written off or stolen. You need to make sure that this amount in guaranteed in full and the insurance company has not included in clause where they can cut down on the guaranteed amount.

- Lastly ensure that a clause of Salvage Retention is included in the policy document. This will enable you to retain all parts from the wreck incase your classic car has been in an unfortunate accident and let you rebuild on it in the future.