Are You Paying Too Much For Your Car Insurance?
How to Best Insure Your Classic Or Vintage Car and Save Money in the Process Classic cars are admired worldwide. There are many car enthusiasts who dream about buying a true classic. No matter where such enthusiasts find themselves, they are always classic car insurance how old does car need to be classic car insurance for 10 year old cars in search of an antique car. Even a vehicle that is in pretty grim condition will not be overlooked. It is considered a most enjoyable undertaking to regenerate this type of car to its original state. This takes a whole lot of time and money. More often than not, the vehicle enthusiast spends hours trying to find authentic parts and accessories. But why is classic motor insurance expensive? Well, to qualify as a classic car, it must be over two-and-a-half decades old. It has to be rare. It has to be beautiful to consider. And it has to have some interesting aspect of it in some manner. These rare, beautiful and interesting cars will set you back to insure as they are usually more susceptible to break-down and/or theft and their parts (which can be difficult to find) are generally expensive. So how is it possible to save the collector motor insurance? One of the main facets of classic car collecting is that your motor vehicle probably will boost in value as the years pass by. This is the exact opposite of the ordinary car market. To this end Classic car insurers have a very system of agreed valuation. This means that it is possible to set your personal value around the car that you own. Its value may be higher since it is an historic vehicle or it could be when you have spent a lot of cash changing our bodies design or perhaps the engine specification. Of course its to get agreed with the insurer and so you just cant just make things up or exaggerate the cars condition or features. You may have to provide photos of the car as part of the process of valuation. There are a number of issues linked to classic car insurance. Chief among these may be the valuation from the car. Policies might be sold based upon the actual cash value with the car, which means that a depreciated book value is going to be paid out with the insurer in the eventuality of an incident; then there is the "stated value" policy, which might also depreciate, but is dependent upon the owners valuation in the car; or, there is the "agreed value" sort of policy, which wont necessarily depreciate, and depends upon a contract between owner and insurer. Other facts to consider include: liability covering public events; coverage for possible damage from events and classic car shows; choice . policy covers damages during restoration; and movable premiums taking into consideration mileage, which naturally differs for classic cars from year to year. 2. Ferrari 250 GTO (1962)Making the most notable a couple of one of the most valuable classic cars will be the Ferrari 250 GTO from 1962. The 250 GTO was uniquely designed for both racetrack along with the road. GTO may be the abbreviation for "Gran Turismo Omologato", which translates into English as "Grand Touring Homologated." The last known worth of the auto was US $16.6 million, or GBP A�10.six million.