All You Need To Know About Classic Collector Auto Insurance
Classic collector auto insurance is what's referred to asnonstandard car insurance, which includes specialty carinsurance for the classic car collector or owner of a modifiedcar.Classic collector and modified car insurance is very much likestandard insurance but with significant differences regardinguse of the vehicle and the method of determining value. Althoughthere are criteria for the classic collector--often a minimumage of 25, 10 years driving experience, and a good drivingrecord--insurance on a modified car or on classic cars depends agreat deal on the car.There Are LimitationsA classic auto is usually defined by age, 15 years the usualminimum. In some states, Massachusetts, for example, the age ofa classic car must be at least 25 years. Most insurers furtherrequire that the components of the classic car are original orrestored to original, that the classic be stored in a garage,and that the owner maintains a daily-use vehicle for everydayuse. While limited pleasure driving and club or hobby activities areacceptable under classic car insurance provisions, dailydriving, commuting to work, and commercial use of a classic autois not. Limitations on a modified car are similar.A Boon To The Car CollectorAlso an important difference in classic car insurance is themeans of determining the value of the classic car. In moststates, Massachusetts, Texas, and Virginia the exceptions, theinsured value of the classic car is an 'Agreed Value'. Unlike the case of standard insurance where the providerdetermines the value of the vehicle, specialty insurers agreewith the owner on the value up front and are bound to thatamount in the event of total loss to the classic car.Because of the criteria on the owner, the use and storagelimitations on the classic car or modified car, and thepredetermined valuation of the vehicle, specialty insurers canoffer insurance rates on a classic auto or modified car that areoften better than on policies for vehicles covered understandard car insurance, a real boon to those who have a carcollection.
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