The Best Way to Insure your Collector Car

If classic cars fascinate you, a fascination which has turned you into a collector, you need more than the regular car insurance sold in every insurance agency. Collector cars are unique and rare, something which makes their preservation and security very crucial. To get the best insurance for a collector car, use a specialist insurance provider. They are best placed to tailor-make a policy to suit your kind of car and will probably give you lower rates than a general provider.

Because of the special needs a collector car has, insurance companies impose various restrictions to people seeking this type of insurance. Many companies will only insure your collector car if you are over 25 and have a clean driving record. Young drivers are at a disadvantage here. The insurer will check what storage arrangements you have for your car before agreeing to insure it. A secure garage is a must have if you have an antique car.

Since a collector car has high value, many insurers will impose an annual mileage limit. As a policy holder, you should not exceed this limit if you want to remain under the protection of a collector car insurance policy. In fact, many insurers will ask for proof that you own another car, which you will be expected to use constantly. No insurer will provide coverage for your collector car if you intend to use it for commercial purposes. You cannot ferry goods or passengers in the car. Otherwise it will change the usage of the car and nature of insurance policy.

These three conditions are not really difficult to meet because if you are like most antique car owners, you bought yours for special occasions rather than every day use. Antique cars in the UK are used mostly for leisurely drives and for participation in collector motor shows. This means owners have other primary cars which they drive on daily basis.

The best type of insurance policy for a collector car is Agreed Value. Under this cover, both the insurer and car owner agree to a value upon which the premium is based. This value is guided by fair market conditions and is usually more than the car’s value. In light of collector cars, the agreed value reinforces the principle of value appreciation as opposed to depreciation, which is the case with regular cars. While the agreed value is not short term, it can be reviewed annually and changes made as the market changes.

Elements of coverage included in regular car insurance policies are included in a collector car insurance policy as well. They include liability coverage, bodily injury coverage and medical coverage, just like a regular car insurance policy.

There are advantages of purchasing collector car insurance from a specialist:
- You benefit from lower rates
- You get a customized policy that is meant to cover every aspect of your car.
- Your car gets the best service. If spares are needed, authentic parts are sourced and used.

You can find a reliable insurance company for your collector car with ease if you are a member of a collector cars members’ club.