Is Your Collector Car Properly Insured?
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Private Insurance: Protecting Your Collectibles
A collector or antique car is more than just a vehicle – it’s an investment, hobby and a treasured valuable. Ensuring its properly insured and deciding what coverage is best is often the tricky part. Here’s what you should consider before choosing which policy suits you best:
- Usage: Do you know how often you plan to use your vehicle, or what type of things you’ll be using your vehicle for? Policies will differ if you plan to display your car, drive it leisurely or take it to events and parades.
- Operator: Do you know who will be operating your vehicle and if they meet the criteria needed to drive the car? Some policies have specific driver requirements (e.g. five years driving experience). Ensure you know the experience levels of anyone who plans to operate the vehicle.
- Storage: Where are you going to store your vehicle and what will the storage conditions be? Collector cars need to be stored at an adequate temperature and be started regularly to be kept in good condition.
- Repairs: Are replacement parts affordable and relatively easy to find? Some cars are so rare that their replacement parts are nearly impossible to find. Make sure your policy covers events like this.
- Value: Does the policy you’re considering account for inflation due to the cars increasing value? As your car ages – and if it’s in good condition – it will likely increase in value. Is it the stated value or an agreed value? And can that choice of valuation be changed?
Whether you’re insuring your 1969 Chevrolet Camaro, 1965 Pontiac GTO or even your 1961 Ferrari 250 GT, it’s essential that you ensure you’re properly covered.
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