What's the difference between a 1977 Holden LX Torana SLR 5000 Sedan and a 2008 Holden Commodore SS V-Series? Asides from the 31 year gap and other obvious things such as model, colour and so on, the 1977 Holden will be best served by classic car insurance as opposed to the 2008 Holden Commodore which would be best insured under a form of regular car insurance.
Insure It Like a Classic Car
Classic car owners know that their prized vehicle is not the same as any usual, hum-drum commuter car. Motoring enthusiasts need to carry this over when insuring the vehicle against damage, accident, theft or some other loss. And assuming you are storing your car properly in a secure and dry lockup garage and you don't flog the car when you drive it then you're ready to insure your car. Just make sure that you're insurer will treat it as a classic car so that you have cover for costs and depreciation etc.
Don't Guestimate
It's no good arriving at a rough figure of what your car might be worth. If you guess-timate you will either over value it making the premium very high or under value it, making the premiums low but your coverage inadequate when you actually need to claim. Find out from the proper sources precisely how much your car is worth. Then, make sure you have your insurance company will agree to insure your car for its proper value, taking into consideration the level of care you have given it and any restorative improvements or modifications you may have made along the way.
Read the Fine Print
Because of the special nature of classic cars, vintage cars and contemporary cars, you need to take time to carefully review the fine print from the insurance policy. Most insurers will issue some kind of document called a product disclosure statement which will outline in detail all the terms and conditions of what you things you get. Don't fall into the trap of assuming that the insurance policy will cover all the things you need. Only sign on the dotted line if you are totally satisfied.
Go to a Specialist Insurer
A specialist insurer is an insurer that has experience dealing specifically with classic cars, vintage cars and contemporary cars and understands the value of those cars both in money and personal value. Such insurers are in a much better position to offer insurance policies that can deliver the level of protection that classic car owners expect.
Major features of any classic car insurance policy should include a agreed value, and guaranteed repairs from the owner's choice of repairer. If you have been on rating one for the past three years and you have an at fault claim, your no claim bonus won't be affected.
by Chelsi Woolz
1 comment:
Insurance policy for classic cars is quite expensive. Even there are few insurance providers who offer this type of insurance scheme. And it is advised to understand the policy options carefully to make the right choice.
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