It is not needed to say that, car insurance is something that will help you do the financial protection for your car against physical damage and other injuries due to road accidents, collisions and more. Everyone that is having a car wants to cover their car with an insurance policy, but choosing the right insurance policy for your car matters a lot. If you own a classic or costly car, then covering your car with a general insurance policy does not enough. This is where you need to think about the classic car insurance policy.
The classic car is the valuable asset while comparing to other normal cars and the classic car comes for a long period of time if it is well-maintained and taken good care of. This is why the owners of the classic cars want to cover their cars with collector car insurance. The collector insurance policy is the specialized insurance policy solely created for collector cars. The collector cars are the cars that are 15 years old and these cars should meet the principles and guidelines stipulated by the insurance companies to be eligible for the collector insurance policy.
Criteria for Collector Insurance Policy
The American insurance companies have set out some eligibility criteria for the collector cars to become eligible for the collector insurance policy. The criteria are as follows,
- First of all, the car should be at least 15 years old.
- The car must meet some specific guidelines and qualifications of the insurance company. The qualifications include year of the car, make, condition, model and more.
- The ruined collector cars will never be eligible to get the collector insurance policy.
- The drivers of the collector cars must be at least 26 years old to be qualified for the collector insurance policy. The drivers should as well have the clean driving record for the past 5 years.
- The collector car should be stored in a garage rather than driving it frequently.
These are the criteria that your collector car must meet to become eligible for the collector insurance policy. The guidelines will vary from one insurance company to another company.
Benefits of the Collector Insurance Policy
If it is the first time you are going to claim the collector insurance policy, then you may not know the benefits of the collector insurance policy. The following points will keep you informed about the benefits of the collector insurance policy.
- The premium value of the collector insurance policy is low while comparing to other insurance policies. The reason is that the collector car is usually stored in the garage, driven on a limited basis, not driven in poor weather and needs a life like a baby. The collector insurance company will be selective in choosing the collector cars. These two factors will make the premium amount of the collector insurance low.
- The collector insurance companies will understand your needs than the normal insurance companies. The reason is that, the collector insurance companies might be the car lovers or collectors themselves. They know how much your car means to you and they know the importance of your car being repaired on time so that its value will be maintained.
- The collector insurance company will offer you the agreed value coverage. That is, you can let the insurance company know what the actual value of your car is and ask them to write that value coverage what you have come to an agreement with the company.
- Some collector insurance companies will provide you the coverage for your spare parts, car trailers, overseas transports and more.