Cherished Car Insurance
If you've just bought your first classic car you will need to consider how you are going to insure it. As a classic car owner it would be wise to consider specialist Cherished Car Insurance.
If you have not owned a classic car before it is important to realise that there is a big difference between cherished car insurance and a standard car insurance policy. For your car to be eligable, it needs to be classified as a classic car. To find this out it is best to contact the previous owner.
Different car insurance companies have different definitions of the age and type of vehicles that can be covered under this type of cover. What you might assume is covered by all policies might be easily covered with one provider and excluded by another. Fortunately most online classic car cover providers provide this information on the first page of their websites, so it is fairly easy to surf around and check your eligibility with different insurance companies.
The major variation between a standard policy and those offered by the classic car specialists is in the way that you use your classic vehicle, and in particular, how much you drive it. The large mainstream insurers and price comparison sites will offer cover for older cars but will charge an additional premium because of its age. They will also lincrease the premium if replacement parts for the vehicle type are known to be expensive.
More importantly you will only be offered the current market value replacement if the car is covered under a mainstream policy and is deemed to be a write-off when you claim.
If you purchase a cherished car insurance policy you will be offered a choice of either an agreed valuation of the classic car's worth or a policy based on market value.
An agreed valuation amount is the amount that the insurance company will pay out in the event of a claim that results in a write off. This is a major benefit of insuring classics under specialist policies because it ensures that you are not just properly covered but will also receive the specialist repair services that your classic will require should you claim. It should be noted that even agreed valuation polices can change and you should ensure that the value is guaranteed for a certain period of time to avoid fluctuations in market values.
Cherished car insurance polices are therefore tailored to the needs of cars considered to be collectable and effectively the valuation is a rating factor for the condition of the car.
