By Victor A.
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
to share their collector cars with the public but they also
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
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
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