| How to Buy Classic Car Insurance
| |
| | blocks with no engine inside it. And as
|
| If you are fortunate enough to own a
| |
| | the car's value increases thanks to your
|
| classic car - or any collectible
| |
| | hard work of restoring it, you should
|
| automobile - then you want to ensure that
| |
| | raise the coverage to keep up with the
|
| your luck does not run out because of
| |
| | added value of the restoration.
|
| having inadequate insurance coverage.
| |
| | Keep all your receipts and paperwork -
|
| Call it covering your butt - or covering
| |
| | for everything from parts and labor to
|
| your "asset" - but by all means, call one
| |
| | expenses incurred to take it to a classic
|
| of the major providers such as American
| |
| | car show - so that you can document the
|
| Collectors, Haggerty, or Parish Heacock
| |
| | total investment your collector's car
|
| insurance companies and let them put you
| |
| | represents. And take photos and keep them
|
| in the driver's seat in terms of
| |
| | updated, for the same reason.
|
| professional protection of your cherished
| |
| | And Last But Not Least: Special Savings
|
| automotive investment.
| |
| | Opportunities
|
| How to Kick the Tires on Classic Car
| |
| | As long as you meet the criteria in terms
|
| Insurance
| |
| | of how you use and take care of the car,
|
| The whole idea of insurance is that it
| |
| | you can usually buy a policy.
|
| needs to do what you expect of it in an
| |
| | Traditional insurers will either refuse
|
| emergency, when the rubber really hits
| |
| | coverage, offer only a replacement value
|
| the road. And classic car insurance is as
| |
| | based on the nuts and bolts (minus heavy
|
| different from conventional auto
| |
| | depreciation) of the car, or will charge
|
| insurance as, well, a classic car is from
| |
| | you a prohibitive amount for the premium.
|
| your run of the mill generic vehicle.
| |
| | But many collectors find that special
|
| When you buy a classic car insurance
| |
| | collector's coverage saves them money -
|
| policy, you are essentially purchasing
| |
| | as much as half - while insuring them for
|
| protection for those times when - God
| |
| | higher limits, sometime three or four
|
| forbid and knock on wood it doesn't
| |
| | times what a traditional company gave
|
| happen - disaster strikes in the form of
| |
| | them.
|
| a fire, a collision, or an act of theft
| |
| | Yes, it's possible to get collector's
|
| or vandalism. Just as we now have modern
| |
| | insurance coverage for full market value
|
| airbags to save us in the event of a
| |
| | for your car, and save up to 50 percent
|
| crash, we also have collector's car
| |
| | off of the premium you'd pay with
|
| insurance, to protect us with adequate
| |
| | ordinary insurance. That makes classic
|
| moneybags when calamity throws a wrench
| |
| | car insurance a must-have for any serious
|
| in the works.
| |
| | car buff.
|
| The time you invest in choosing the right
| |
| | Below is information about three of the
|
| classic car insurance coverage is well
| |
| | most reputable and dependable collectors
|
| worth the value and peace of mind that a
| |
| | and classic car insurance companies in
|
| quality collector's insurance policy
| |
| | the USA (All information listed below
|
| delivers for owners of classic motor
| |
| | subject to change, please contact the
|
| cars.
| |
| | insurance companies listed to be sure.):
|
| The Nuts and Bolts of Classic Car
| |
| | Hagerty Insurance
|
| Insurance Coverage
| |
| | P.O. Box 1303
|
| Collector car insurance is not the same
| |
| | Traverse City, MI 49685-1303
|
| as the insurance you buy for normal
| |
| | Email: Toll Free: 800-922-4050
|
| coverage of your daily transportation.
| |
| | Qualifications:
|
| Collector car insurance, or classic car
| |
| | * Similar to the others listed below, but
|
| insurance, is made especially for the
| |
| | please contact Haggerty for details.
|
| needs of the car collector. And while
| |
| | American Collectors Insurance
|
| ordinary insurance does offer some
| |
| | P.O. Box 8343
|
| protection, no matter what you drive, it
| |
| | Cherry Hill, NJ 08002
|
| can leave you high and dry in the event
| |
| | Email: Toll Free: (800) 360-2277
|
| of a loss that it not effectively covered
| |
| | Qualifications (subject to change or
|
| by the terms of the insurance contract.
| |
| | regional laws so check with the company
|
| For example, you may have a garage-kept
| |
| | for specific up-to-date information).
|
| Cadillac Sedan DeVille with swooping fins
| |
| | * At least 15 years old
|
| your grandparents bought for $7,000 brand
| |
| | * Garage-kept
|
| new back in the 1960s. But dealers have
| |
| | * Driven on a limited, pleasure-only
|
| offered you three times that much, and
| |
| | basis (up to 5,000 annual miles -
|
| you saw another one sell at an auto show
| |
| | available in most states)
|
| for $35,000. If you don't have special
| |
| | You may also qualify by:
|
| collector car insurance or classic car
| |
| | * Having at least 10 years driving
|
| insurance, and the car is totaled, you
| |
| | experience
|
| will be lucky to get $7,000 for it. With
| |
| | * Having a good driving record
|
| depreciation calculated in, the insurance
| |
| | * Having at least one "regular" vehicle
|
| statisticians may decide that it is worth
| |
| | for every licensed driver in the
|
| only half that much, or less, and you
| |
| | household
|
| could wind up with two or three grand in
| |
| | You may request a policy application
|
| exchange for your dream machine.
| |
| | either directly from American Collectors
|
| Stipulations or requirements normally
| |
| | Insurance or through your local insurance
|
| encountered while shopping for collector
| |
| | agent (rates are the same either way).
|
| car insurance or classic car insurance:
| |
| | Parish Heacock Classic Car Insurance
|
| * A decent driving record.
| |
| | P.O. Box 24807
|
| * At least 10 years driving experience
| |
| | Lakeland, FL 33802-4807
|
| * No teen drivers on the policy or
| |
| | Email: Toll free: (800) 678-5173
|
| drivers with poor driving records
| |
| | Qualifications (subject to change or
|
| * Secure and out of the weather garage
| |
| | regional laws so check with the company
|
| * Proof that you have another car for
| |
| | for specific up-to-date information).
|
| daily transportation
| |
| | * Each household member of driving age
|
| * Collector vehicle insurance is
| |
| | must have at least 10 years driving
|
| sometimes limited by the age of your car,
| |
| | experience or be excluded.
|
| and if your car is too young it may not
| |
| | * Each household member must have a
|
| qualify for a particular policy.
| |
| | regular use vehicle less than 15 years
|
| * Limited mileage. You probably don't
| |
| | old that is insured with liability limits
|
| want to drive your creampuff car all the
| |
| | equal to or higher than the limits being
|
| time, and your insurance company doesn't
| |
| | applied for on the collectible vehicle.
|
| want you to either. Mileage limits have
| |
| | * All licensed members of household and
|
| increased recently, though, so if you can
| |
| | any other drivers of the vehicle must be
|
| live with 250 miles a month you're
| |
| | listed on the application.
|
| probably okay.
| |
| | * Maximum of two accidents or violations
|
| Coverage with collector car insurance or
| |
| | in the household, maximum of one per
|
| classic car insurance:
| |
| | licensed household member in past 3
|
| Three kinds of value are important to
| |
| | years. No major violations permitted in
|
| understand when buying your policy.
| |
| | past 5 years.
|
| 1) Actual cash value:
| |
| | * A Driver Health Questionnaire must be
|
| This is what you usually get with
| |
| | completed for all drivers over 70 years
|
| ordinary insurance, and is based on
| |
| | old.
|
| replacement cost minus depreciation.
| |
| | * Auto must be stored in a locked
|
| 2) Stated value:
| |
| | permanent garage facility when not
|
| The insurance company pays up to the
| |
| | driven.
|
| stated value of the car, but may not
| |
| | * Auto may not be used for commuting to
|
| guarantee the full stated value. And
| |
| | or from work or school, used for business
|
| deductibles of up to $1,000 usually
| |
| | purposes or as a substitute for another
|
| apply.
| |
| | auto.
|
| 3) Agreed value:
| |
| | * Autos not covered while on a racetrack
|
| In most jurisdictions, those who provide
| |
| | or when being used for: racing, speed,
|
| collector car insurance or classic car
| |
| | driver's education, or timed events.
|
| insurance are allowed to insure for a
| |
| | * Must display pride of ownership: well
|
| value that you and your insurer agree
| |
| | maintained, in restored or well-preserved
|
| upon. And for most autos, there is no
| |
| | condition.
|
| deductible. If your $100,000 vintage
| |
| | * Vehicles under restoration must be
|
| Rolls get trashed, you get a check for
| |
| | stored at residence or a restoration
|
| 100 grand, plain and simple - which is
| |
| | shop, with a target date for completion.
|
| exactly why collectors use special
| |
| | Agreed value coverage is not available on
|
| classic car insurance coverage.
| |
| | cars under restoration. Eligibility
|
| Do a periodic review of your coverage
| |
| | subject to company review.
|
| limits, because classic car prices are
| |
| | * Replica Vehicles and Pro Street
|
| rising. What you insured your cherry
| |
| | vehicles are subject to company review.
|
| classic for ten years ago may be a
| |
| | * Trucks and Jeeps must be over 25 years
|
| fraction of what it's worth today. And if
| |
| | old, and not be used for towing, hauling,
|
| you are restoring a vehicle, ask your
| |
| | off-road or utility use.
|
| agent to give you appropriate insurance.
| |
| | * Generally do not require appraisals,
|
| There is no need to pay extra based on
| |
| | but may ask for one if vehicle value is
|
| mileage statistics, if your car is up on
| |
| | difficult to determine.
|
