by Guest » Wed Jan 04, 2012 04:52 pm
Is there any company out there that specifically insures classic cars? The problem with generic auto insurance and classic cars is that they valuate the car using book value. A classic car costs at least 3 times the price of its original selling price and depriciation is subject to the level of maintainance. I have a ’69 Plymouth Roadrunner, a 67’ Impala, a 69’ Ford Gran Torino and a Jaguar Series I E-Type. Can anybody help me in this regard?
Posted: Thu Jan 05, 2012 03:07 am Post Subject:
You can buy a classic car insurance policies to insure your precious possessions. In this type of a policy, the agreed value is paid in case there's any damage, theft, collision, vandalism etc. 'Agreed value' means that the insurance company will pay the agreed upon value of the car without any depreciation.
Posted: Thu Jan 05, 2012 03:25 pm Post Subject:
Classic car insurance companies usually have certain stringent requirements which need to be met for your application to be accepted and your coverage to continue. There are mileage restrictions wherein you can drive the insured vehicle for only a limited number of miles in a year. Usage is limited to the extent that the vehicle should only be driven in parades, rallies or other such events and within the stipulated annual mileage count. Very few carriers allow the vehicle to be used for general transportation. The insurer also has very strict standards as far as garage facilities are concerned. A fully enclosed, locked and electronically secured private garage is the usual benchmark. Carriers may also put a restriction on the age and the type of vehicle that they would be willing to insure.
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