Insure Your Collector Car Before Touring

If you are going to participate in a car show, it is best to insure your collector car before touring anywhere. It is common for owners of classic cars to attend shows and events throughout the country during the summer months. However, some owners are unaware of the importance of knowing how to insure their vintage vehicles before presenting them. Antique and classic cars (those built at least 30 years ago) require special protection that differs from other vehicles. It is primarily because classic cars are commonly only used for limited driving pleasure or attending car shows and club events. Regardless of the type of classic car, it is crucial to have auto insurance coverage for the collectible that is separate from the regular-use vehicle policy. Let's dive into insuring your collector car a bit more.

The Break Down of Collector Car Insurance

Regular-use vehicles depreciate over time, whereas most classic cars appreciate over the years and should have an insurance policy to reflect that. Just as the standard regular-use auto policy includes the basic coverages, the collector car insurance also does. These key foundational coverages are:

• Bodily injury liability
• Property damage liability
• Collision
• Comprehensive
• Uninsured and underinsured motorist coverage
• Medical payments or personal injury protection

Note that collision and comprehensive coverage may be optional. For any vehicle that is antique or classic, it is essential to protect such a valuable asset in the following areas:

Vehicle Usage

Most collectible cars have limited driving time. The policy should reflect the low annual mileage range.

Vehicle Storage

It is vital for the well-being of the vehicles that owners store them in a fully enclosed, locked garage when not in use.

Vehicle Valuation

Agreed-value policies are more sought after than stated value policies. Thus, it guarantees that if a total loss occurs, the owner will receive the payout of the car’s total amount listed on the policy (minus deductibles). Stated value policies are not as clear on the vehicle's value if a claim arises.

Vehicle Condition

A vehicle in excellent condition will put you in better standing with insurers. Classic car owners might not get coverage if the vehicle has weathered issues has been through prior damage. However, you can secure coverage if your classic car is at least undergoing active restoration. Insurers may ask if spare parts are available in case the vehicle becomes damaged. Also, spare parts are available if there are auto body shops equipped to fix your type of vehicle in specified proximity to your residence. The experts insuring antique and classic cars connect to a wide range of resources to help you secure rare. Additionally, it also helps owners find hard-to-find parts. In specific scenarios, you may even ship an antique or classic vehicle across state lines to be repaired by a shop with expertise in a particular type of vehicle. Remember that this insurance is specialty coverage. Likewise, it means it will fluctuate with market forces from both the insurance industry and the collector car market. Be sure to review your collector car insurance policy annually. Subsequently, it will help you better understand your car's potential value and adequate coverage to protect such a valuable asset adequately.

About David G. Sayles Insurance Services

At David G. Sayles Insurance Services, we help our clients decide which of these options is best for them based on their current situation and risk factors. Contact us at 1-855-977-1842 or insureme@dsayles.mysites.io for a consultation!