If you are the proud owner of a classic, vintage or collector car, you may want to consider the special insurance needs of that vehicle. While some standard insurance carriers will provide coverage, it is usually just the standard coverage available to “regular” cars. But, there is something unique about your vehicle. Maybe it is beyond a certain age, you participate in car shows, or you recently inherited your aunt’s 1969 Mustang that has been parked in her barn for the past 40 years. In circumstances such as these, you may want to consider Collector Car insurance.
What Makes Collector Car Insurance Different from Standard Auto Insurance?
One of the biggest differences with Collector Car insurance is that you can often tell the insurance company what you feel the car is worth. If they agree with that valuation, in the event of a covered total loss, that is what you will be paid. Your standard car insurance will in most cases offer you actual cash value which, unfortunately, will probably be much lower than what the vehicle is worth.
Another “perk” of writing your classic on a collector’s policy is that the claim adjustors for these special policies are often highly skilled in the intricacies of classic car repair and may be able to get you access to original or high-quality replacement parts. A regular insurance carrier may not have the connections needed to help you source anything beyond the standard after-market parts. They may also significantly depreciate your car’s value after a claim, because they are treating it like all of the other “standard” cars on the road.
Whether you are selling, buying, or insuring, a Collector Car insurer may also be able to help you to determine what an accurate value is for your vehicle. They will take into account it’s rarity, condition, provenance and market demand. You can take advantage of their knowledge to help you to determine the value to be used on the policy.
Is Collectors Insurance Expensive?
In many cases the cost of insurance for your vehicle on a Collectors policy will be less expensive than a traditional policy. The company will take in account the fact that this vehicle is probably not your daily driver and will rate it accordingly. They may ask for milage verification periodically. They also know that in most cases, people who drive these special vehicles often drive much more cautiously, and will also take this into account when rating the policy.
Collector cars are meant to be enjoyed and the agents at Brooks, Todd & McNeil can help to give you the peace of mind to do just that. Call (800) 448-4567 to speak with one of our agents about your unique vehicle needs.