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Classic and Collector Car Insurance Guide



If you are lucky enough to have a collectible car - or any classic automobile - then you want to insure that your luck does not run out due to not having enough insurance coverage.
 


How to Shop for Classic Car Insurance

Insurance is there to protect you and your car in the event of accident, theft, etc. Collector car insurance is as different from normal auto insurance as a 1963 split winodw Corvette is from your run of the mill Toyota Corolla.

You are essentially purchasing protection for those times when a calamity occurs in the form of a collision, fire, or an act of theft or vandalism. Much like the airbags found in new cars, insurance is there to save us in the event of a crash. Collector's car insurance also protects you us with adequate "moneybags" when disaster strikes.

 
The time you invest in choosing the right classic car insurance coverage is well worth the value and peace of mind that a quality collector's insurance policy delivers for owners of classic motor cars.

Stipulations or requirements normally encountered while shopping for collector car insurance or classic car insurance:

* A good driving record.
* At minimum of 10 years driving experience
* No teenage drivers on the policy or other drivers with poor driving records
* A garage that is secure and weather tight.
* Proof that you use another car for your daily driving needs.
* Collector vehicle insurance is often limited by the age of your car. If your car is less than 20 years old then it may not qualify for a particular policy.
* Limited mileage. You probably don't want to drive your mint car all the time, and your insurance company doesn't want you to as well. Mileage limits have increased recently, though, so if you can live with 250 to 300 miles per month you are probably okay. Check with the insurance carrier to be sure.


 

"Value" and Collector Car Insurance

Three kinds of value are important to understand when buying your policy.

1) Actual cash value:

This is what you expect to receive with ordinary insurance, and is based on replacement cost minus a depreciation allowance.

2) Stated value:

The insurance company pays up to the stated value of the car, but may not guarantee the full stated value. Also, deductibles of up to $1,000 often apply.

3) Agreed value:

In most states, collector car insurance underwriters are permitted to insure for a value that you and your insurer agree upon. In most cases, there is no deductible. If your $125,000 vintage Porsche gets wrecked, you get a check for 125 grand, plain and simple - which is exactly why collectors buy special classic car insurance coverage.