Top 6 Benefits of Specialty Collector Car Insurance Companies

Collector cars are not just cars but assets that are preserved for generations and rather than driven, they mostly standby at posh motor shows, attracting the awe of a niche but solid audience throughout the years. There are aspects about a collector car which are completely different from regular domestic usage care, and not many of the owners care about trivial stuff such as mileage, performance, etc.when it comes to a collectable car. So as a matter of fact, insuring such cars which have a certain vintage value should be done differently that a regular car.

Talking of car insurance companies, there are various in the market. Tata AIG Car Insurance for instance is one of them. You can find various details about Tata AIG Car Insurance coverage online. It should be said here that Traditional/Regular car insurances follow a very specific and fixed checklist like the make of the car, the dimensions of it, etc. These are predominantly done nowadays via Car Insurance Online portals that are huge in number. Doing a 3^rd party insurance is legally mandatory and even if you forget renewing such insurances, you can be assured that the insurance agents will give you a call when the expiry date of your policy nears. However, this might not be OK for a Collector car which is much different. Over the years, there might have been many necessary modifications done to the car. There might also be fancy customisation done to it. So considering all this and provided that the owner keeps track of how much he spent on the car, the insurer can come up with just the right policy for the owner. But not just any regular insurance but it's Specialty insurance that is the correct way to go for such a scenario.

There are various benefits of Specialty Insurances and below are the six most important ones:

1. Less Expensive

There is nothing else that a customer thinks of at the beginning than the premium that they have to pay. So the cost does matter. When it comes to regular cars, due to various parameters, the policy price automatically increases. But not in case of Specialty insurances. These are custom policies, and they are much less expensive than standard ones. Collector cars are also very less susceptible to accidents which make the speciality car insurance companies reduce the premium prices even less.

2. Coverage of Agreed Value

Most of the available collectable car insurance companies offer a policy with Agreed Value. This entails that the buyer should come to an agreement with the insurer on what the car is worth before the policy is decided upon. This agreed value (decided during the inception of the policy) is something that is fully reimbursed during total loss accidents or thefts.

3. Better Understanding between the insurer and insured

As a collectable car owner, it is important that you have a niche category of insurers who understand your needs and tailors the insurance coverage in the way you need it. Specialty Insurance companies do just the same. They understand both the emotional and financial worth of a vehicle and proceed accordingly with a much fewer sales pitch. They listen to all your aspirations about the car.

4. Spare parts and Equipment

Unlike the average car insurer, speciality insurers will allow a buyer more expensive options when changing parts, etc. so that original parts can be installed. Collectable and exotic cars often want the best parts available because of extending the longevity if the car. This is something that a regular insurer will never do as they usually go for the cheapest options available in the market. 

5. Repair Centers

This too like the above point is very differently treated by the Specialty Insurance companies. Not just the repair shop, even the mechanics working on collectable cars need to be experts in repairing collectable cars and take extreme care of the car. The speciality insurer allows the buyer to choose such special repair centres that the average car insurance companies will never agree upon. 

6. Other miscellaneous benefits

Collectible cars mostly get presented at motor shows, and it is often a hassle to move the cars around to the places where the shows are happening. The shows can sometimes be overseas as well. Some speciality insurance companies go to the extent of providing coverage for such transportation, even if they are someplace abroad. This is one of the many other benefits that these companies offer like medical coverage for injuries to the owner during motor shows, coverage on tools of the car, etc. 

So, if you own an exotic car, make sure you know its worth and do enough research on Specialty insurance coverage, rather than getting tangled into expensive car insurance online quotation meant for regular domesticated vehicles. There are various car insurance companies said before TATA AIG Car Insurance, ICICI Lombard General Insurance, United India Insurance, etc. You can always do car insurance online compare and choose the best-suited one for your need.

Sponsor Ads

• Ad Space Available - Rent it Now!

Report this Page

Created on Apr 8th 2019 23:46. Viewed 544 times.

Share on APSense

Comments