What You Need to Know About Collector Car Insurance Warren Michigan

http://AffordableInsuranceMichigan.com. First and foremost you need to know the several types of cars that follow under the "classic" category: Ford, Model As, 57 Chevys, Packards, Hot Rods, muscle cars, vintage pickups, vintage racers, sports cars and 70's cars are only a few of the vehicles that meet the collector car criteria. Although most collectible cars must be at least 25 years old, sports car and exotics fall in this category even if they are brand new.




The main mistake that most collector cars owners make is to insure their classic vehicle with a standard car insurance policy because they are not aware that there is indeed a special insurance for classic cars. Standard insurance program premium can cost up to 500% more than specialty plans which offer more suitable policies for collector car owners.
Here is a list of insurance coverage you may choose from:
• Actual Cash Value (ACV): it covers most everyday cars but they offer a lower "book" value to the car.
• Stated Value: this is better than ACV because it allows the owner of a classic car to actually state the value of the vehicle. However, Stated Value coverage can depreciate the car because they only pay "up to" the stated value.
• Agreed Value: in the event of a total loss, this is the only type of coverage that will reimburse you completely and there is no depreciation of a car's value, as opposed to the previous two options.
Thanks to specialty insurance programs, collector car owners can afford to insure their classic vehicle at a lower rate and with more benefits.

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Autos & Vehicles

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