Insuring classic and collector cars can be confusing for
first-time buyers and veterans alike. Many questions arise as to
the types of vehicles that can be covered, coverage’s, costs,
claims, etc.
How are most collector cars insured? Less
than half of the collector vehicles on the road today are
insured by specialty programs. Although, antique car collector
insurance has been available for five decades, most owners of
collectibles, specialty cars and street rods are still insuring
them through a standard insurance company despite the higher
cost and often more restrictive policies.
Am I limited
to driving my collectible only in parades or shows? What if I
want to take a Sunday cruise? Enthusiasts like to share their
collector cars with the public but they also just enjoy driving
them around. While some programs require that collector cars are
only to be driven in activities of public interest, we also
allow for and encourage the private enjoyment of collector cars.
Go ahead and take that Sunday drive. Nevertheless, collectors
should consider these types of restrictions and find a policy
with flexible usage guidelines that best suits their overall
needs.
Are there other usage limitations? Yes. Most
specialty insurance programs do not allow vehicles to be used
for the commercial transportation of goods or passengers, for
racing, or for daily transportation.
How do you value a
classic? There are many factors that are considered when valuing
a vehicle. The first consideration is whether the car is a stock
original vehicle. If so, there are many resource guides and
pricing books that can provide value guidelines based upon the
overall condition of the vehicle. These are somewhat less useful
for newly restored vehicles and even less useful for street
rods; because every newly restored car is restored to a
different level of perfection and every modified car is
different by nature. So with both newly restored cars and
modified cars we dig a little deeper into the project, the
amount of money spent on it, the type of parts used, etc. Our
best advice is for people restoring cars or building a street
rod to keep detailed lists of the work performed and receipts
for all parts and labor. This will help us when attempting to
insure the car properly and the whole process will be smoother.
Occasionally, appraisals help but they're not always necessary.
The bottom line? Antique car collector insurance will save you a
lot of money. Interested hobbyists and collectors can now afford
to own, insure, and enjoy their classics because specialty
insurance programs offer lower rates and better benefits than
standard insurance companies.
About the Author:
Victor A. is an expert author who writes for
antique collector cars insurance
