Getting The Most Out Of Your Classic Car Insurance |
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Andrew Jamaz
14 September 2009
Good for you! You've finally invested in a 1970 GTO (Gran Turismo Omologato) and are excited to display it at your State car show. As with all such expensive purchases, you've possibly thought about taking out insurance for the car. Obtaining insurance for a classic car, however, varies substantially from conventional car insurance, because of the unique problems that involve classic cars. There are certain forms of damage that only occur in car shows, for instance, where most classic cars are paraded, and the fact that these cars are decades old makes them difficult to price for the intent of figuring premiums and policy costs. Once you've found a trustworthy insurance group willing to insure your classic car, there are a number of significant factors that you must consider.
The first and most critical matter is to decide with your insurer your car's agreed value and write it down in the policy. This "agreed-valuation" policy may give you smaller premiums to pay, but make sure that it is a certain payment in the event of such an untoward incident. a disinterested party may be needed to arrive at a mutually acceptable valuation. Likewise, see if you can obtain an accommodating insurance policy that varies with your car's value. Take into account the value of rare extras which may be very difficult to substitute. As discussed earlier, your special insurance agreement should accommodate dangers specific to classic cars. If you do not plan for the car to be taken out on the road, do ask your insurer whether injury caused to it while in your garage will be compensated.
Since classic cars are not usually to be driven out like modern vehicles, get an insurance agreement that considers this. You also have to take note of limitations placed on your car by the insurance agreement to sustain its insurability. Determine whether your classic car can be used for regular driving or only for events. Where you can have your car fixed is also a question for the insurer. Figure out whether or not special storage is required for the car. While these limitations are usually difficult to follow, they should also decrease the premium on the insurance policy. Remember, you didn't just purchase a car; you bought a mobile antique. Prepare your insurance contract like you would your cherished vehicle, and liberate yourself from stress as you show off your pride and joy at the next car fair, or your backyard.