The number of people involved in classic car collection is on the rise. This has made insurance companies realize that these unique and extraordinary cars need special insurance. One may insure a classic car with a regular insurance company, but may not receive the best offer that way. Hence, it is preferable to approach companies that specialize in classic car insurance since they offer a better coverage and a more nominal charge.
American Collectors’ Insurance has been America’s premiere supplier of classic car insurance ever since 1976. Various insurance policies underwrite different kinds of collector cars, including classic cars, antique cars, classic motorcycles, street rods and antique fire trucks. American classic car insurance companies follow certain specific guidelines that enable a car to qualify as a classic.
These specifications could include age of the motor vehicle depending on the state one resides in. In certain states, a classic collector car must be at least 15 years of age. To avail insurance, one may not be allowed to drive the classic car for more than 2,500 miles every year. One may be required to keep the classic vehicle in a garage and possess a clean driving record with at least 10 years of driving experience.
In America, a classic car owner may avail of an “Agreed Value Coverage”, which covers the full insured worth of a classic car. This involves agreement by both parties, i.e., insurer and the insured on the value of a classic car, which is written in the policy. In the event of a mishap, wherein a car is considered totaled, the company pays a previously agreed amount for the car.
In most cases, the price of classic car insurance is less than what one anticipates. This is attributed to the fact that a few American insurance companies have placed certain restrictions on cars that are insured. While deciding on an insurance policy, classic car insurance is much better than regular car insurance for a classified car. The owner must consider acquiring a quote from a business that specializes in classic car insurance in order to save a lot of money and also have the best security for their investment and collectible.