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Insuring Your Classic Car or Replica
Auto aficionados are crazy for classic cars and replicas.
The term "classic car" is subject to debate; however,
according to the Classic Car Club of America, it refers to automobiles
built somewhere between 1925 and 1948. Certainly, some
drivers may define their 1949 or newer vehicles as "classics,"
but the term is usually reserved for cars that fall into the
previously mentioned time frame. A replica vehicle refers
to a kit car that closely resembles a classic car. The
replicas might be premade or require owner assembly. Both
classic cars and replicas need to be insured like any other vehicle;
however, it is necessary to purchase a policy from a specialty
insurance company to get the best coverage possible.
There are many factors that come into play when purchasing a
classic car insurance policy. The Classic Auto Insurance
Agency provides a wealth of information for use in determining
which policy best suits each driver and vehicle. Most classic
and replica cars are not driven on a regular basis, so policies
reflect the levels of use. There are policies that will
cover classic cars for 1,000, 3,000, or 5,000 miles per year.
Policy premiums will be based on the car model, year, and rarity
of the vehicle, as well as the mileage driven and other driver
statistics like age, gender, and region. One of the main
factors when insurance companies determine a policy premium is
the value of the car; the value is based on the model, year,
condition, and rarity; the rarer the vehicle and the better the
condition, the higher the value. Replica cars are not as
valuable as originals, so policy premiums will certainly reflect
that.
Some classic cars are never driven or only driven to and from
car shows. For those vehicles that are used only for exhibitions,
collector car insurance should be purchased. These policies
many times provide comprehensive coverage that will take care
of repairs or replacement if issues like fire damage or theft
occur. Some of these policies do place mileage limits on
the vehicle. The insurance agencies understand that even
though the collector car is used primarily for auto shows, there
are still times when driving the vehicle is necessary.
American Collectors Insurance is a company that specializes in
this type of coverage and will not only provide comprehensive
coverage, but will ensure that state minimum coverage is met
as well.
Ultimately, it is up to the owner to decide what insurance policy
and company best suits his needs. Nevertheless, most insurance
companies and classic car clubs recommend that full coverage
is purchased for classic and replica vehicles that are driven
on a semi-regular basis. Many of these vehicles are incredibly
rare and require hard to find parts that are wildly expensive.
In the event of an auto
accident, theft or damage, only comprehensive coverage insurance
will give drivers both personal injury coverage and replacement
of the classic car (either physical replacement or monetary based
on availability of vehicle).
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