All You Need To Know About Classic Collector Auto Insurance
Classic collector auto insurance is what's referred to as
nonstandard car insurance, which includes specialty car
insurance for the classic car collector or owner of a modified
car.
Classic collector and modified car insurance is very much like
standard insurance but with significant differences regarding
use of the vehicle and the method of determining value. Although
there are criteria for the classic collector--often a minimum
age of 25, 10 years driving experience, and a good driving
record--insurance on a modified car or on classic cars depends a
great deal on the car.
There Are Limitations
A classic auto is usually defined by age, 15 years the usual
minimum. In some states, Massachusetts, for example, the age of
a classic car must be at least 25 years. Most insurers further
require that the components of the classic car are original or
restored to original, that the classic be stored in a garage,
and that the owner maintains a daily-use vehicle for everyday
use.
While limited pleasure driving and club or hobby activities are
acceptable under classic car insurance provisions, daily
driving, commuting to work, and commercial use of a classic auto
is not. Limitations on a modified car are similar.
A Boon To The Car Collector
Also an important difference in classic car insurance is the
means of determining the value of the classic car. In most
states, Massachusetts, Texas, and Virginia the exceptions, the
insured value of the classic car is an 'Agreed Value'.
Unlike the case of standard insurance where the provider
determines the value of the vehicle, specialty insurers agree
with the owner on the value up front and are bound to that
amount in the event of total loss to the classic car.
Because of the criteria on the owner, the use and storage
limitations on the classic car or modified car, and the
predetermined valuation of the vehicle, specialty insurers can
offer insurance rates on a classic auto or modified car that are
often better than on policies for vehicles covered under
standard car insurance, a real boon to those who have a car
collection.