If you pick the right policy, insurance on classic motor cars doesn't have to be as expensive as you might think. Insurance companies know that the car being insured is a collectible, and these cars are usually better maintained and driven less frequently than modern commuter vehicles. Unfortunately, picking the right policy is where many motor car owners go wrong. Over half of all classic cars are insured by a mainstream car insurance company, rather than a specialist who deals in motor cars.
The problem with standard policies is that, in most cases, claims are reimbursed on an Actual Cash Value (ACV) basis, which means that you're compensated for what you originally paid for the car, possibly subtracting for depreciation. If the Chevy Corvette you purchased in 1977 for $7200 was totaled, this is what you would be paid by the insurance company-or less, if depreciation is applied-even if its market value was $16,000.
If your car is a collectible, avoid standard car insurance policies if at all possible. For motor cars, your best bet is to use one of the two other types of insurance available: Stated Value and Agreed Value. Under a Stated Value agreement, the insurer lets you state the value of the car, and in most cases, this is the amount you'll be reimbursed in the event of a claim. However, depreciation might be factored in, and you'll need to read the fine print of your policy to ensure that the coverage is, in fact, for the stated value. It's also likely that you'll have to pay a deductible under a Stated Value claim.
The most favorable arrangement for motor car insurance is the Agreed Value. Since the Agreed Value is a mutual valuation between you and your insurer, it may not be as high as what you would designate for the Stated Value. On the other hand, you're reimbursed 100% of the Agreed Value, and there's no deductible.
Hot rods and custom cars are best avoided if saving money on insurance is a key consideration. If you must modify a car, be sure to document the parts and labor of every addition meticulously, and bring this paper trail to your agent when obtaining a quote. More than other motor cars, custom builds should only be insured through a specialty insurance company like Leland West Insurance, who knows which builders are reputable, and will increase you modded car's valuation if it's recognized to have rare options. Leland West Insurance specialists are almost always the best option for getting cheap motor car insurance.
Human hobbies are endless. Some hobbies are common whereas, some are very special and require a huge sum of money to meet them. As a matter of fact, these hobbies are very rare and that is why people remember them who have such rare and valuable hobbies. Keeping an antique car is also a rare kind of hobby that requires lots of money as these old and classic cars are very dear. It is not possible for everyone to buy them and to maintain them easily. The most attractive feature of these costly cars in that they are not used for everyday riding. These are old cars and therefore, they are not fit for the common roads today.
Keeping a hobby is not enough as the person who has a classic car like this should also take very good care of these cars. If you share such a rare as well as very expensive hobby, you must make proper arrangement for the maintenance of your car. However, they are not used for everyday riding; they always remain in the attention of the thieves and the robbers. It is also true that these old pieces are not very strong and they may get severe damages if they are hit by natural disasters. In order to protect your car from these natural or man-made calamities, you need to purchase antique car insurance from a reliable insurance company like Leland West Insurance.
Since these cars are not fit for everyday riding, therefore, they do not run into the risk of road accidents. Due to these reasons, these antique cars do not get very good insurance cover. Therefore, it is not an easy task to find out a company that can offer you quite a good insurance coverage for a moderately high price.
However, you can find a good antique car insurance online quote if you try it on the Internet. You can find many such companies on the monitor of your computer which offer antique car insurance. You can ask for online quotes that are very helpful for you to compare and decide the most beneficial antique can insurance policy for you and for your antique car. These online quotes allow you to visit the websites of different companies and help you to enrich your idea about the different policies of antique car insurance policies that are available with different insurance companies.
Also read: Top Classic Car Museums
Students owning cars face the issue of keeping their car insured, as it is mandatory for any car owner in the US to carry insurance. Many students are listed as dependent in the insurance policies of their parents. However, some insurance companies insist on removal of a student's name from the parent's policy, particularly, when the policyholder has signed a waiver of assurance that the student will not drive a vehicle. In such cases, the students face lapse in coverage, which in the long term can be an obstacle to getting car insurance. It is therefore, imperative for students to have their own insurance policies.
Many insurance companies do not insure students and the ones that do provide it quote high premiums. This is more so when the car owned by a student belongs to the category of classic cars, which are typically old and obsolete models. Some students prefer to buy classic cars due to their vintage value but find it difficult to pay for large insurance premiums on such cars.
However, there are some insurance companies that offer third party only insurance policies for classic cars at reasonable rates. Third party insurance covers students in the unfortunate event of an accident where someone is injured or killed. However, they are not compensated if the damage occurs to their own car. In this manner, students can be covered as third party for other vehicles.
Some companies offer students the fire and theft insurance policy, which is suitable for those that live in poorer, crime infested areas where cars are more susceptible to theft. This policy covers students if their car is stolen or damaged by acts of theft or arson. Classic cars can be easily stolen, as their locking systems are not as powerful as the modern cars.
Comprehensive car insurance is another type of insurance ideal for students, as it covers them against all risks that might occur to them or to other people while they are driving any model of car including classic cars. However, it entails high premiums, the burden of which can be lessened by paying a part of the initial cost of the claim known as excess.
Despite the existence of different policies, it is advisable for students to take certain steps in order to enjoy low cost insurance policies. To begin with, their car should possess low car insurance group number. It is a good idea to take the Advanced Driving test that affirms their driving skills. Fewer miles driven per year can also help students get better deals from insurance companies like Leland West Insurance in terms of low insurance premiums.
Some automobiles do not fall under the average category and therefore require a different type of insurance. One example of this is the antique car. An antique car is one older than 45 years. These cars are kept as heirlooms and show pieces but rarely driven. If they are, it is recommended to take an occasional drive once in awhile; antique cars should not be driven daily. These vehicles do need insurance whether you drive them once a year or more often. After all, you've probably put a lot of care and money into your antique car, it needs to be protected.
There are special requirements for insuring a classic car. For example, there may be mileage requirements. In addition, most insurance companies require you to keep your classic car in a covered garage. You will want to shop around with different insurers who specialize in classic cars and find out what they require. If you do qualify, the next step is to get a quote. Obtaining multiple quotes from different companies can help you choose the best company to suit your budget and your needs. A broker can help you get numerous quotes by filling out one form.
Collector cars fall under a broader spectrum than antique cars. They can be classics, antiques or even newer cars with special features. Examples might include foreign cars or modified cars. There are all kinds of vehicles that may classify as a collector car. Reputed insurance company like Leland West Insurance can help you figure out if your car is indeed in the collector category. Just as with antique cars, collector cars may have mileage requirements and may need to be kept in a covered facility. Both antique and collector car insurance policies may have Agreed Value features which pays the full value of the policy if the car is destroyed.
Your antique and/or collector car is not just a possession to be proud of, but also an heirloom and in some cases an investment. In some cases these vehicles appreciate in value over the years which is the opposite of your average automobile. Researching your type of car and its features can help you understand more when you begin searching for insurance. It is important to select a company who has special experience with these types of cars.
It is possible to do everything you need to insure your collector or antique car on the Internet. However if you need to speak to an agent they should be available via a toll-free customer service number. Some people prefer dealing with their insurance agent face to face. If you are one of those people check your local Yellow Pages to see the reputed auto insurance company like Leland West Insurance in your area, call them and ask if they do indeed offer policies for vehicles that are collectibles or antiques.
You may have finally got your dream car. Maybe it's that muscle car you always wanted back in high school, or you got that car back that you had 30 years ago. Maybe you've had your classic car for many years now. In any case, if you are insuring it with your current daily transportation insurance company, here are some reasons to look into a collector car insurance company.
First of all, many standard car insurance companies may not insure your classic car for what it's truly worth. Many classic car owners who have their auto covered by their standard insurance company may be covered under an Actual Cash Value policy. This is probably the worst policy you can have, since this coverage entails that you will be paid the actual value the insurance company determines your vehicle has. They may use blue book values if they are listed, or use a percentage of what you paid for the vehicle. If you paid $4,000 for that car ten years ago and now it is fully restored, the insurance company may see the $4,000 depreciated over ten years. Vehicles depreciate under the Actual Cash Value policies, even classic cars and other collectibles. If you find you are under this type of policy, read on. You need to look at the next two types of policies.
Stated Value and Agreed Value policies are the best fit for classic cars. They both allow the value of the car to be set between the owner and the insurance company, not just a standard value taken from a data sheet. However, Agreed Value policies are the best choice. Stated Value policies still allow the vehicle to depreciate yearly, and there are usually higher deductibles. Agreed Value policies do not depreciate, so your classic car is always covered up to the max amount. Plus, many Agreed Value policies do not have deductibles, making it the best choice.
You may save up to 50% off your premiums. Insurance companies like Leland West Insurance only deal with classic and other collector cars, they can keep their premiums lower. Most car collectors keep their vehicles in tip top shape, and they are only driven a limited amount. This means these cars are not as much of a liability to the insurance company. The only stipulations you may run into are limited mileage allowance (usually 5000 miles a year or around that), a minimum age driver limit of 25 or 30, and you cannot race the vehicle. Many policies even let you have more than one classic car under the same policy, for the same price!
If you have a rare or specially modified car, or have a model built by a famous builder, your classic car may have more value than any book or standard insurance company will value your vehicle at. Again, because collector car insurance companies only deal with collector cars, they know what to look for in determining the true value of your collector car. Using a specialty insurance company is the best way to fully insure your classic vehicle.
Using a search engine will bring up more than you could ever compare. You only need to compare two or three - most collector car insurance quotes will be similar. You don't usually find big swings in prices like you can find in standard daily transportation vehicle quotes. Before calling, make sure you have a general ballpark figure for the value of your car. The insurance companies may want to see receipts for restoration, parts, and labor which you have used to establish the value. Any rare options, original parts, etc. may also be mentioned.
Once you have your insurance policy set, you should periodically update it. Classic car values over the last ten years or so have been going up quite substantially. Restoration also adds value to a vehicle. Make sure you are insured for the full value of your vehicle in case the worst possible scenario happens. It pays in more ways than one to look into a collector car insurance company like Leland West Insurance for a quote. Not only may you save a lot on the premiums, but you may find out your current insurance doesn't fully cover your classic vehicle up to its' true value. That is one big risk, especially if you have a truly valuable classic.