Collector Car Insurance covers a collectible or antique vehicle and the value of the vehicle is determined based on the data provided in collectible car variation guides. The determined value will be mutually agreeable by the insurance company and the policy holder. Normally the owners of the collected cars will be driving those cars very rarely only. Hence, collector car insurance policy is considerably cheaper than the regular car insurance policy. Unlike regular car insurance, the amount for which the collected car is insured will vary during the period when the car is owned by the policy holder. Criteria for collector cars vary among insurance companies. Some of the companies consider the cars that are 15 years old or more as classic cars whereas cars that are not less than 10 years old are considered as collector cars by some other insurance companies, provided there is only limited production of the car.
Why collector car insurance is cheaper?
Those who own classic cars or collector cars normally take great care of the vehicle and while driving those cars also they are very careful. This aspect reduces the risk of these cars and as a result the insurance companies fix the premiums at lower rates. In majority of the cases, collector car insurance price is less than half the price of regular car insurance. The insurance companies are more concerned how the classic cars are used than their age. This also is a reason for the cheaper price of collector car insurance.
Coverage provided by collector car insurance
By way of purchasing the right collector car insurance policy one can ensure proper to his collector car. The regular car insurance policy may not provide the coverage that is required for the collected car. The collector car insurance policy should provide coverage tailored to the needs of the collector car. Collector car insurance should provide the normal coverages that are required by any vehicle such as reimbursement of liability and medical expenses. Since collector cars are frequently taken to the auto exhibitions the insurance for such cars should provide auto show medical reimbursement. There is the possibility of someone getting injured when the collector car is featured in the exhibition. One can get coverage for spare parts also under the collector car insurance.