Specialized Benefits of Collector Car Insurance
Collectible cars can serve as a wondrous treasure, but also as a good investment. As with any investment, an adequate protection in the form of collector car insurance is necessary. Especially since a collectible car is expensive to repair or replace. A collector car insurance policy can protect you financially in case of damage, an accident or theft.
A regular insurance policy will not offer the specialized benefits of collector car insurance. Insurers have specific prerequisites that have to be met before a policy can be written. Three of the major requirements are limits on miles driven per year, age and driving record of the owner and the age of the car. There also is an insistence by the insurance provider that the car is garage kept and well secured when not in use.
Mileage limitations may vary from company to company, generally the limit is 5000 miles per year. However, there are some cases where more miles are permitted. The mileage driven is limited to car, hobby, and show activities for the most part; collector car insurance policies do not permit driving the insured vehicle for commuting or commercial activities.
Another restriction on collector car insurance is the age of the car. Most insurers have set 15 as the minimum age for a collectible car. A few insurers define a collectible car as being more than 25 years old and in rare circumstances as much as 35 years.
In order to qualify for collector car insurance, a driver must meet certain qualifications as well. The overwhelming numbers of insurers require a minimum age of 25 with at least 9 years of driving experience. Some providers also require a clean driving record.
Once the conditions for the collector car insurance is achieved, you and the agent will set an agreed upon value for the vehicle. Unlike a regular car which has its value set by automobile industry standard practices such as a blue book value or fair market value, you are permitted to determine the value of the car at the time of the writing of the policy. The amount you and the insurer agree upon will be the replacement value of the car should it be a total loss.
You can protect your vehicular masterpiece with collector car insurance from many different insurance providers. However, choosing a company that specializes in collector car insurance will give you the best coverage and maximum benefit
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Help answer the question about car insurance
What type of car insurance should I get in Michigan?
I understand that Michigan is a no-fault state, and as a result everyone gets this PLPD insurance or something. I'm moving from Pennsylvania and had full coverage on my car for about $90/month. I thought PA and MI were both no-fault, but it seems different and the rates I'm being quoted for the same insurance in MI are higher. I'm so confused!! Also, right now I am on State Farm. I'm 25 but on my mom's plan, and I am getting married/changing my last name and I now live in Michigan so it is past time for me to pay for my own insurance.
Right now I'm on State Farm, and there are agents both here and in PA, but their rates seem to be high.
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This entry was posted on Tuesday, January 26th, 2010 at 1:34 pm and is filed under Car Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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wait, if u sold the car to someone else, it's their responsibility to insure it. in fact, YOU can't insure a car that's registered to someone else. so i'm a little confused…
How much it costs is going to vary, based on a bunch of your personal information.
Start with http://www.progressive.com, for insurance. You can get a quote on the internet – you fill out the very personal information, they will email a quote back to you.
It will be easier if you have a US license, but if you don't, as long as your license is written in English, it's not a problem. Otherwise, you'll need an international license.
Every card is different, and the card companies can change their insurance carriers without notice. Most of them give collision damage waiver only. If you have an accident, they will cover repairs over and above the rental company insurance, but they do not cover the cost of a replacement rental for you to drive. Very few of them cover liability. The most complete coverage may be offered by your insurance company, for a lower fee than the waivers offered by the rental companies. In Manitoba, for instance, we sell (to Manitobans) a rental car policy that gives $50 deductible for damage, loss of use coverage, and 5 million dollars liability coverage, and this package can be bought to cover a rented car anywhere in Canada or the US. So, before you rely on your credit card, read the wordings booklet, then talk to you auto insurance agent.
When you rent a car, you have to have full coverage on the care that you own (your personal vehicle) and then that will automatically carry over to the rental. If you do not have full coverage you can add it to your existing policy for the amount of time you'll be renting the car OR just buy the insurance from the rental place. And to answer your other question, no your policy will not cover somebody else's car just because you're driving it. Insurance covers vehicles, NOT people, even if you were in an at fault accident, your friend/relative's insurance would have to cover that loss.
If you park your car on your parent's property, and never drive it anywhere, you might not need to have any insurance.
But if you are going to take that car out on the public highways, you need all sorts of different types of insurance to pay for medical expenses if anyone hurt in an accident, pay for repairs if any damage from accident, get another car if it is stolen, protect your assets (house, car bank accounts) from beign drained by law suits, and also keep you out of jail.
While you are living under your parent's roof, they can add you to their insurance policy … this will be expensive, but not as expensive as a policy in your own name.
Once you go to college, and live wherever the college is, no longer under your parent's roof, then you do need to have policy in your own name.
You should qualify for liablity insurance instead of full coverage. The actaul amount of insurance depends on what your car is worth right now, how old it is, your past driving record and your "hi risk" lable will definately have an effect. You'll have to get quoted at a few different places to be sure what company has the lowest rate for you.
If you have an insurance company that is refusing to allow you to remove an authorized driver from your policy unless you PROVE the authorized driver has insurance elsewhere, it's time to get a new policy in place at another company and then drop your current insurance. That is ridiculous.
If you want to stay with that company for some reason (although I couldn't think of any) you might call your agent and ask why you need to do that, and tell him you will switch if you can't, and see what happens.
Was a citation issued at the time of the accident? If not, it won't show up in the MVD. The insurance industry also has something similar to a credit report, called the CLUE report that lists past property and casualty claims made by you. That is used as well in determining your insurability.
They will have to complete their investigation before they consider paying out. How long the investigation takes depends on what has to be done. Since we don't know the details of your claim and have not spoken to your adjuster — we can't tell you. However, since the car was found burned out – they will take a very close look at this claim. Try this site to find the best car insurance
http://car-insurance-quotes-usa.blogspot.com/
Here you can get quotes from different car insurance companies in your area, its the best way to find an affordable car insurance with a reliable company.