Whether you have classic, collectible or antique car, buy a good classic car insurance policy to protect your valued asset. With a good classic car insurance policy, you remain assured that in any mishap you will not lose the money that you have invested in the classic car.
But before buying the classic car insurance policy, you must be clear about various terms used to buy a suitable insurance policy for your classic car. Some of the insurance companies provide stated value policies while other offer agreed value policies. The stated values of the car is lower than the true car value so in the event of total loss or theft you will get claim money lower than the actual car price.
The agreed value is the true market value of the car, which is agreed by both the car owner and the insurance company. The agreed value is better for classic car to get the real value of car in the event of accident or damage.
Before buying the agreed value policy for classic car, you need an appraisal. You can get appraisal by a classic car appraisal service, auto repair or auto body facilities. A qualified appraiser will accurately estimate the true value of your vehicle. You might get the appraisal free or need to pay small fee with some appraisers.
The classic insurance cover cost varies from provider to provider so it is better to compare the policy cost and service offered to get a fair price deal. The insurance companies with specialisation in classic cars will offer you the best deal rather than the general ones.
The conditions of insurance cover also vary from provider to provider. Some insurance companies need a good driving record before signing the insurance deal while other might restrict your age or miles that you can use every year on classic car. Some insurance policies have added premium if multiple drivers are used on same classic cars so it is better to review the policy carefully to understand the established rules of the provider.
