You need to have the right requirements for Classic Car Insurance
July 17, 2018 (PRLEAP.COM) Business NewsShop Insurance says it is important for classic car owners to have classic car insurance as this kind of vehicle requires more attention than other types of vehicles. If the classic cars are well maintained by their owners, many times, they can be sold at a high price because of their scarcity. Most times, their owners tend to make claims even when there is a minor damage on the car.
According to the company, the conventional auto insurance may not have the ability to give full protection to classic cars and hence there is need for classic car owners to buy classic car insurance which offers the right protection for classic vehicles. There are some requirements that need to be met before purchasing classic car insurance for your classic vehicle. You need to first of all have a good driving record with a minimum of 10 years experience.
The insurance firm says teen drivers and drivers with poor driving record are usually not allowed to have classic car insurance. The reason is because classic cars are not the safest of cars and the reckless and inexperienced drivers may not be able to drive valuable cars with good enough responsibility.
Secondly, you need to provide proof that you own another car to use for your day-to-day transit. Most times, there will be limit for the mileage of your classic car if you intend to insure it with classic car insurance and you cannot drive the vehicle with limited mileage all the time. Hence, need to have another vehicle for your transportation before you can subscribe to classic car insurance.
Your car needs to attain a certain age to qualify as a classic car, so says Shop Insurance. It will not qualify for the insurance if it is not old enough. You need to find out from your insurance firm to know what age of vehicle will qualify to get classic car insurance.
Next, you need to know the value of your classic car policy. There are 3 types of value viz: actual cash value, stated value and agreed value. Actual cash value is what is gotten from regular auto insurance which is the cost of the car less depreciation. Stated value is the value of the car which the company would pay up to, but may not pay the total stated value. Deductibles up to $1000, usually applies to this kind of valuation. The agreed value is value which is agreed upon by you and your insurer. Most of the time, there is no deductible for this valuation.
Shop insurance opined that it is important you buy the right classic car insurance for your vehicle so you can get the appropriate protection whenever your car gets stolen or damaged.
Shop Insurance Canada is a subsidiary of RDA Insurance, a major Ontario based insurance provider with a stable of online outlets that includes Shop Insurance Canada family sites. The company has two goals, to give you the very best insurance policy possible and to help you save money when looking for coverage.
Shop Insurance Canada
2110 - 18 Harrison Garden Blvd
North York, Ontario