Collector Car Insurance

May 31, 2008

Are you are a part of the fascinating world of collectible cars? If so, you need to know as much as possible about collector car insurance. When you are the owner of a car that is considered antique or collectible, and you drive this car less than 5,000 miles each year, then you should definitely consider collector car insurance. You may think you are in good shape insurance-wise because you already have a regular insurance policy on your special car. However, if something should happen to damage your collectible car, perhaps at a car show, you will have a frustrating time attempting to file a claim.

The insurance claims adjusters are used to handling claims on regular cars, and will not want to understand your insistence on having your car repaired at a shop that understands collectible cars, or why you will have to pay more than the standard rate for any parts and services needed. In addition, did you know that a regular insurance policy will not guarantee the stated value of your collectible car when a loss or an accident takes place?

Do you have a collectible car that you drive only for pleasure? You will be better served if you take the time to search for a specialty insurance broker to get an insurance quote. One of these insurance professionals can tell you for sure if you are qualified for this type of policy, and can supply you with a rate that will surprise you. In most cases, this insurance will cost you quite a bit less than a regular insurance policy. Make sure you give the specialty agent all of the details concerning your car, including where you keep the car when it is not in use and the names of everyone who drives it. It is also a good idea to provide the agent with a copy of your motor vehicle report that proves you have a clean driving record. All of this information can help to lower your rate even more.

You can find a specialty auto insurance broker online fairly easily. Before committing to purchase insurance from an online company, do make sure that they are familiar and comfortable with the insurance laws in the state where you live. Collector car insurance makes use of a form called a Physical Damage Policy that has caused some agents a lot of confusion. Make sure your agent understands how this form is to be used, and also how it melds with your state’s laws. The state insurance department of the state where you reside will supply the agent you choose with the proper forms.

There are three other forms that are used that may also be a bit confusing unless your insurance agent is familiar with them. Called Actual Cash Value, Stated Cash Value, and Agreed Value, they are vital to your policy. You should be sure the agent you choose is knowledgeable as far as these forms are concerned so as to make sure you get the proper rate for your situation.

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