The Need To Protect Your Classic Car CollectionJust like wine, classic cars become more valuable as it ages. This is the reason why you need to have your collection insured to protect it from any possible damage. Compared to other regular cars that decrease in value each year, classic cars maintain and increase their value, and it is the full value of the car that must be protected.
ALSO READ: Cloud Applications Businesses will Request in 2014
There are three types of classic cars - Antiques, Vintage and Classics
Antique Cars - These cars were manufactured before the 20th century and are the most expensive
Vintage Cars - These cars were manufactured between 1902 and 1933
Classics Cars - These cars were manufactured more than 35 years ago
The Requirements Of Getting Your Classic Car InsuredThe insurance policies for classic cars are personalized and customizable which mean that there are no certain standards that have to be followed, thus making them costly. Moreover, you will have to strictly comply with the given standards of the insurance company. Some of the requirements that have to be met are -
- Your cars must be of the accepted age to be considered as classic cars
- They must still be in good working condition, but they must not be your primary mode of transportation
- Your cars can only be driven when they are needed in certain classic car exhibitions or collector's activities
- They must be stored in a safe and fully enclosed space that is always locked or secured
- You bring your classic cars to a garage assigned by the insurance company in the event of an accident
The 'Must Have' Coverage For Your Classic CarsYou will discover that there are more terms and agreements involved in classic car insurance due to their rarity and value. This is why you need to do some research to determine what the best coverage will be for your cars to protect them and to avoid losses. There are two types of coverage that you must have for your classic cars - Comprehensive Coverage and Collision Coverage Protection.
- Comprehensive Coverage
- Collision Coverage Protection
RECOMMENDED: Apps That Help Control Small Business Finances
AUTHORS BIO: Valerie Renier is a freelance writer specializing in insurance, such as auto and recreational vehicle insurance. She also offers tips on how to care for classic, vintage and antique cars through auto coverage.