Nowadays, many people own classic cars as a hobby. Some classic cars are so expensive. Probability their classic cars will get damage on the road or event just in garage make owner worried. As we know, not easy to keep care and maintaining the performance of classic car. The spare part is so expensive and hard to find anywhere. As a solution, there is a special type of insurance called classic car insurance for the classic car owner. It is very important to choose the best classic car insurance that is available. There are many questions that a classic car owner has in mind while purchasing a classic car insurance policy.
The major difference between classic car insurance and regular car insurance should you know is of the value paid for the in case of a total loss situation. Classic car insurance works on Agreed Value, which means compensation. This compensation is of a pre-agreed value. But, the regular car insurance pays the Actual Cash Value or the Standard value, which means, either the depreciated value is paid or else the payment is up to a particular amount.
Not all of classic car owner drive their cars. If the classic car owner never drives the car on the road and the car is just collection in the garage, the insurance offered is for the value of the car. For this case, the owner needs to get the car appraised and submit it to the insurance company at the time of purchasing the policy. The minimum value of the car is decided by the insurer.
If one day, the car is left unattended by the car owner, even then the insurance company usually pays the claim. However, the claim will depend on the owner fulfilling all other garaging and driving requirements.
Driving requirements include decent driving history of at least ten years but some companies allow it to be anything from five years old or more. Furthermore, the insured car must be at least fifteen years old to qualify for this program. Garaging requirements is mandatory for the owner, to store the vehicle in a completely enclosed and locked garage when the vehicle is not in use.
The classic car is generally more valuable than any other vehicle, driven on the road. A few classic insurance providers offer additional services such as roadside breakdown help, and windscreen refurbish and replacement service. Therefore, is advisable to get appropriate insurance for it for the owner’s peace of mind.
Great share of information regarding the insurance selection for classic cars. There are lees amount of such kind of cars and people usually take care of them at their maximum. They don't use their classic cars but do have it for their collection. So they need a special kind of policy too.
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