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Tuesday, August 20, 2013

How Do You Care For Your Classic Car Collection?

Just like exotic cars, classic cars are valuable and very expensive, but they do not only belong to the richest people of society today. Classic cars become more valuable as time progresses and the cost to maintain and protect them can burn a hole in your pocket. Nearly all classic cars are restored manually, inherited or bought second hand. Those cars that are already rare are near to impossible to restore when damaged or destroyed. This is why the need to protect classic cars with the necessary coverage is imperative so that you can get a substantial amount of money as compensation should your classic car collection be damaged.

The Need To Protect Your Classic Car Collection

Just 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.

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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 Insured

The 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 Cars

You 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
The insurance company will offer compensation for damages that are not related to collisions. Under this coverage, you should be able to avail insurance for spare parts for replacement due to damage or theft and location coverage protection for where your cars are stored.
  • Collision Coverage Protection
The insurance company will provide compensation in the event of an accident. All the expenses related to damage, court fees and medical fees are covered by the insurance. However, since your classic cars will not be used often, the chances of meeting with an accident are very slim.

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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.


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