Collecting antique cars is a passion for many people, and that passion extends to the care of these fine automobiles. Besides preserving the car, it is crucial to protect it with the right insurance coverage. By purchasing historic car insurance, you can tailor the policy to the specific requirements of your vehicle.
A True Collectible
There are several categories of collectibles including antiques, classics and newer specialty vehicles. In order for your car to be classified as a true collectible, it must be driven only for an occasional weekend ride, to a club event or to a show. The automobile must receive excellent care and be safeguarded from possible damage.
To qualify for historic car insurance, your vehicle should be well protected. Storing it within a garage is usually required in order to protect it from the elements. Your car should not be used daily, and there will be mileage restrictions that are more stringent than those of a standard auto policy.
One of the principle differences between regular car insurance and historic car insurance is the how the value of your automobile is calculated. In the event of a total loss, a standard insurance policy would generally pay the Actual Cash Value. With a collector policy, you can state an Agreed Value for your vehicle, which will ensure that you receive full compensation for what your car is worth currently.
By taking advantage of specialty insurance programs for historic vehicles, you can insure and enjoy your collectible car.