If you have a collector car, you will have different car insurance requirements. Collector cars are also known as special cars and for a special car you need special car insurance. Every car depreciates in the value with the every passing day. As owner, we often do not understand the feel the real difference in the value of our vehicle. We don’t understand that the paint value of our vehicle is depreciated from 12000 dollars to 2000 dollars by the continue use. The collective car insurance should be taken from an insurance company that really understands it by considering the special needs. Following are some of the important points that you need to consider while getting insurance policy.
Premium of Insurance
Every company will not provide insurance policy for classic car because of their special existence and nature. A collector car is cared just like a baby therefore; every company will not insure the collector cars. The collector car cannot be driven in the bad weather and they are also move in limited geographical boundaries. Therefore, the chances of accident are very low. This factor is enough to charge less insurance premium for its policy. Keep in the mind that collector cars are charged very less insurance premium as owner himself take much care of it. If your insurance company asks you to pay more insurance premium, the insurance company is not working as per norms. So keep this point in your mind while getting insurance policy.
Agreed Value Coverage
Most of the time we see agreed value coverage agreement between owner and insurance company. According to this agreement, the value of the classic vehicle is determined at the time of agreement. This predefined value of vehicle is covered by the insurance company at the time of total loss of the vehicle or in the case of theft. The theft is normally attached to the classic cars because of their unique existence. Some people believe that the theft insurance of this vehicle is costly and you have to pay more insurance premium if you buy this policy. There are so many conflicts in determining the value of the vehicle and at the time of loss, the insurance company often does not pay as per actual value of the vehicle because of depreciation of the vehicle.
Repair Shop in The Case of Accident
In the case of car accident, you are free to choose a vehicle repair shop of your choice. If you go to the repair shop that repairs the average modern car, you will loss the actual look and the value of the classic car. You are advised to visit a repair shop that is skilled in the repair of collector’s cars with the ease and comfort. When you get collector car insurance from a reputed insurance company, it provides you an opportunity to repair your vehicle from a special repair shop that is equipped with the all possible tools to repair your collector car with the skill and with the ease and comfort.
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Category: Car Insurance