Speciality Car Insurance

Congratulations! You are now an owner of a speciality car. But have you made the right choice for your car insurance? It is extremely important for you to make the right choice when it comes to Car Insurance especially for your speciality car. Many car insurance companies have hidden costs and do not reveal the details of coverage with clarity.

You can have a speciality insurance policy at a much reduced rate than a normal coverage. However, you must be aware of its limitations. Approach the car insurance company with all your homework done. Before proceeding to purchase a policy you must consider some valid points. Things like, do you wish to drive your classic car everyday, how much risk you can take in case of a claim, what will be the mileage of your car per year and is it difficult to get spare parts of your car in case of a damage?

These points should be kept in mind while going in for insurance cover for your special car. The premiums for these cars are less as insurance companies assume that you won’t be driving such cars everyday to work. They ensure that you have alternative arrangements for driving down to work. Most companies offer an upper limit of 2,500 miles per year when they provide insurance policies for classic cars. Even if some companies do not fix a cap on the mileage they have other restrictions like not taking your car to work or not using it daily.

Coverage for classic cars is risky as their parts might not be readily available through standard processes. In most cases you might have to do with generic parts rather than purchasing original old stock as repair parts are difficult to get. As a result, the resale value of your classic car goes down. A normal insurance pays for parts and repairs after taking into consideration the current industry prices. It is assumed that the parts of your car are easily available in the market. For classic cars it is best to settle for a stated value deal. In case of a stated value insurance you can state the value of your car and make sure that your car is covered for damages in that quoted amount.

So now when you go for insurance cover of your classic car, study and research for the best deal!

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