Collector Car Event
Collector Car Event

Considerations When you Need Collector Car Insurance
If you own a collector car or are thinking of buying a collector car, then you will want to insure your car. When looking for collector car insurance, there are several things that you should consider before purchasing the insurance.
There are actually three different types of car insurance coverage. Most of your everyday used cars are covered under the ACV (actual cash value) plan. There are a lot of collector car owners who insure their collector cars with this plan due to lack of knowledge of specialty programs that are designed for collectors. When you have an ACV plan the actual value of your car depreciates each year that your car gets older.
One of the specialty programs that you can choose is the Stated Value program. Not all insurance companies offer this program, but for those that do, this allows you to state the value of your collector car above depreciated book value. Even with Stated Value coverage, your car can still depreciate and claims will only cover up to the stated value of your car.
The other specialty program is Agreed Value. With Agreed Value coverage there is no car depreciation. In the event of an accident that results in a total loss of your car then the Agreed Value coverage guarantees that you will receive full value of your collector car.
Policy restrictions vary from state to state and agency to agency. There are also different restrictions with the different specialty programs. Some specialty programs only allow you to drive your collector car for a certain amount of miles per year, while others only allow you to drive your collector car in parades or car shows. Most specialty programs prohibit your collector car for commercial use. This includes public transportation, delivery, racing, and daily use.
Most specialty programs have an age limit for the driver that the program covers. A person who is 30 years old or older is the average age that is required for most programs, while some programs allow anyone over 21 years old.
Other things to consider with collector car insurance is that the specialty programs offer cheaper insurance rates than the normal insurance policies. Plus many insurance companies only require a one time liability fee even for multiple cars.
Some insurance companies offer an insurance plan for collector cars that are not driven but are being stored. This is much cheaper insurance because the car is never on the road. Keep in mind that with this type of coverage, you cannot take your car on the road, and if you do decide to take it for a drive, you will want to make sure that you change the type of coverage you have on it, even if it is only temporary.
The big thing to remember when you are shopping for collector car insurance is that you do want to have coverage for your collector car. You have spent time and money on your collector car and you take pride in it, so obviously you want to make sure it is covered in case of an accident. Also remember that no matter how safe of a driver you may be, an accident can still happen due to the fault of someone else.
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in the UK, if you sign a car over to someone,is that person liable to pay the finance on it?
My friend is in a very tricky situation, her boyfriend is in a spot of bother and wants to sign his car over to her so that bank debt collectors cannot reposes his car, he has the car on finance but that is covered to her knowledge by insurance so that in the event of losing his job the finance company will freeze his interest and the payments so the car is safe in that aspect. If the car is put in her name will she have to pay anything? because she doesn't want people knocking on her door looking for money and she doesnt want to break the law. thank you very much for your time
From what I have seen on this site, things are a tad lunatic in the UK, but normally if there is financing on a motor vehicle the bank will retain the title to the car until the loan is paid. This means her boyfriend will not be able to sign anything over because he has nothing to sign over. He has physical possession of the vehicle for as long as he continues to make payments on it, but if he stops making payments the bank will repossess the car. If a debt is unpaid on a car it can be repossessed regardless of any sort of spot of bother anybody happens to be in and since he does not have title he has nothing to sign over.
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