Mainstream auto insurers are now able to provide this type of insurance for antique/classic cars. They call them 'collectors auto insurance' plans and are designed for the vehicle being insured. Coverage is calculated once a representative from the insurance company takes all the details of your car and your personal details so as to provide the best policy. Your level of cover will depend on how much you can afford but it is possible to lower this by arranging for your deductible (or excess) to be raised above the minimum set by the insurer.
It is important to know however that the company you are insuring your pride and joy with is 100% reliable. Companies like this are usually very well established with a good reputation - a little searching around on forums on the web will help back this up. The other advantage of this type of insurer is that they are also able to arrange the protection on any other 'regular' vehicle(s) you own. Don't be surprised if the cost of the car insurance policy is higher with these type of companies. Of course it is easier to go with the cheaper option but what I found is that I would much rather pay a little more and feel safer that the company I'm with is well known and in good hands.
Many independent specialist auto insurers may well be able to provide a better service and conditions but they are not normally able to insure any other car(s) you own. A number of independent insurance providers even specialize to the point where only a particular type of classic car is insured! It is worth doing a fair bit of research when choosing an independent classic car insurer to make sure they have a good reputation as you will no doubt have a great deal of money at stake.
No one wants to find out that after paying the insurance premiums for months or even years that the company will not or is unable to pay out on an insurance claim. It happened to me a few years ago and it is upsetting to say the least. When anything happens to a classic car the bill is normally ridiculous so getting this bit right is very important. It might at first seem like hard work finding an classic car insurance company you feel confident with but believe me it will be worth it. The benefit of having proper insurance far outweighs the initial hassle of locating a provider so just enjoy hunting around. Most classic cars are worth a great deal of money and is a big loss if the car is ever stolen or destroyed so having it properly covered may be the most valuable protection you ever purchase.
Warren Phillips 2008 http://theguide-money.com/Classic_car_insurance.html theguide-money.com is a FREE, simple resource giving helpful information and useful tips on personal finance, insurance, loans and debt all written from personal reviews and experiences. |
No comments:
Post a Comment