Car Collector

Car Collector

Car Insurance - Car Collectors

When we think of car collectors nowadays we get the image of older gentlemen keeping many classic cars in their back gardens. For some, the money spent on restoring old models and driving them to shows and galas can be a very rewarding (if costly) hobby.

Or there’s the modern day collector – trawling the internet for rare parts, contacting other enthusiasts in internet forums and souping up conventional vehicles to bring them into the modern age – although quite why you’d want to put spoilers on an old classic is beyond me (although I guess it’s a question of choice)

For all enthusiasts, the problems of finding cheap car insurance for their vehicles remains one of the difficulties of classic car ownership.

Because of certain factors, including age and condition of the vehicle, car insurance can be an expensive part of the hobby.

If you’re going to leave the vehicle parked and just for show you are not required to have insurance on it, but for those wishing to take it for a spin every so often or to show at motor shows and other events – car insurance is required.

When phoning round companies and discussing quotes, it’s important to come to an agreement on the valuation of the vehicle – as this can be the factor that makes all the difference in how much you are likely to pay.

Some insurance companies may have a different idea of valuation than what you first thought – so it’s always worth checking out the forums of your vehicles’ owners’ clubs.

Taking the time to research your vehicle and pick up some tips on finding suitable car insurance can make all the difference when it comes to finding an affordable deal for a vintage car.

Although not all mainstream insurance companies will be able to insure some older cars, there are many companies out there who specialise in catering to the needs of the classic car enthusiast.

About the Author

David is an experienced writer based in the UK, currently working in the dotcom industry.

What would be the difference of telling collector to come get the car or just let them come get it ?

somebody at work told me that you dont want to tell them to come get the car when you fall behind in the payments,but it is better to let them get it on there own.

It makes no difference at all. The bottom line is that you defaulted on the loan.
One is called a voluntary repo, The other the other is a conventional repo. Both show equally negative on your credit report. However, if you are cooperative with the process, the lender is more likely to work with you on a repayment plan. Believe it or not, letting the car go back does not free you from the payment obligation. The lender will send the car to the auction and get whatever they can for it. Whatever is left over falls on you. If you pay that amount and it is reported to the credit bureaus, you have a much better chance getting another car loan down the road.
Of course, the best course of action would be to try to work out a payment plan to bring your account current with the lender. Sometimes they will take a certain amount up front and add the remainder to the end of the car loan adding additional months to the original term. This is in their best interest because they want your car less than YOU do. Try that first.

Jay Kay car collection