Off late car enthusiasts are collecting more cars of different types other than the usual Ford Model As or 57 Chevys and Packards. These collector cars include vintage pick up cars, vintage races, muscle cars, hot roads, sports cars and cars of the 70’s. AMC Pacers with Mojave stitched interiors also being collected and this list can go on expanding.
Collectors Car Insurance
These are generally cars or models that are not in the mainstream category of cars. Collectors’ cars are also known as classic cars and they are generally put to limited use and are kept safely in garages.
Estimating the Value of Collector Cars
Many insurance companies specialize in providing collector car insurance and some are meant only to provide collector car insurance. The cars are inspected first by an inspector from the insurer for estimating the age of the car. Collector cars must be at least 16 to 20 years old. They also look for any defects in the car and estimate its market value. Based on this information the insurance rate will be fixed.
Insurance Premiums for Specialty Collectible Cars
Standard insurance policies cover vehicles that belong to the ‘daily driver’ category. They provide insurance to collector cars also but the policies are restrictive and cost higher. The collector cars are insured by specialty insurance companies and programs. The annual premiums for specialty insurance for collector cars cost only one fifth of the standard car insurance. The average annual premium for the collector cars can be as low as $90.95.
Determining the Premiums Of Collectors Car Insurance
Street rods and customs are unique and there is difficulty in determining their value. There are different methods adapted for insuring each car depending upon the modifications made, suspension system, horsepower and the paint scheme and the like. Quality of the parts and the labor and workmanship are also taken into account in determining their premiums. Some more value is added when the car is built by some famous car builders. Exotic cars are insured by specialty insurers that are used ass collector car. This is because the car will be in good shape and maintained well and they retain their value.
Mileage Restrictions
Specialty car insurance has strict mileage restrictions. The collector vehicles should have mileage below 2500 miles in a year. For this odometer readings are required. If the collector car owner has other cars for daily use and drives this on limited occasions they insurance company will consider relaxing the mileage restriction a bit. Some insurers insist that the collector cars should be driven for purposes of public interest. However, the collectors of specialty cars should check these conditions before they take out a policy. They can find a collectors car insurance policy with flexible usage guidelines that fits their needs. Classic or collector car insurance are easy to get today with the facility to buy online. You can visit the website of any collector car insurance company and apply online. In the US classiccar.com and aon.com provide collector car insurance online.