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| Collectors Car Insurance |  Buying car insurance for your antique collectors car is not the same as buying insurance for your everyday car. The insurance for collectors cars is different than other auto insurance. Each antique car collector should know a few things about antique car insurance.
First one is that your state is going to have specific laws as to how old your car has to be to qualify for antique car insurance. Usually the age is at least fifteen years. Besides, in order to qualify for antique car insurance you must have another car that you use as your regular car, and a garage to park your antique in.
Collectors policies are significant because of the different types of coverage offered. A for traditional car insurance, it pays the actual cash value of the vehicle.
Current cash value is the cost of replacing the car minus the cost of depreciation. It is a poor choice for antique car owners, because it does not incorporate the appreciation of a collector s item.
There is another form of traditional car insurance, which covers the stated value of the car. In this type of coverage, the insurance company pays what the car is stated to be worth.
Antique collectors car insurance is a specialty insurance that pays the agreed value of the car. In this case the owner will receive the full value of the car as a collectors item. Besides, antique car insurance usually costs less than traditional car insurance. It s a win-win situation for the car collector. A bit of knowledge can save the antique car owner a lot of money and frustration when purchasing car insurance for their collectible.
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Collectors Car Insurance