Classic Car Insurance.

Classic car insurance or collector car insurance can save you a significant amount of money and increase your coverage because traditional auto insurance carriers are geared towards insuring a larger volume of vehicles. They simply don't know how to treat your specialty or collector car.

Classic cars are usually considered antique vehicles (15 - 20 years old or older). Collector cars can also include:

• Exotic autos new and old.
• Muscle cars.
• Sports cars of all ages.
• Rare or desirable

Personal story: I bought an old Camaro and wanted to add it to my policy with 21st Century. Being an older car, it was not worth that much on paper (much more to me!). I called around to several companies that specialized in vintage or collector cars, and got a much cheaper rate. Do your homework.

Problems when insuring a classic or collector car with regular car insurance:

• They only recognize the trade in or market value of the vehicle (not your full appraisal or purchase price).
• Special after market or hard to find items may not be replaceable or covered.
• Claims are determined by an adjuster who is working for the insurance carrier (not you)
• Your normal carrier may not cover a modified vehicle, or one that has been improved for performance or looks.
• Some carriers simply may not insure your car if it's older than a certain year
• They may not give you the large discount for mileage you're entitled to, especially if you rarely drive the car.

Buying tips for classic car insurance:

• Make sure you get your classic car insured for agreed value (not stated or actual cash value).
• The "Agreed Amount" should represent the true market value of the car at the time the policy is written.
• If the market value changes during the policy period, the "Agreed Amount" can be changed by endorsement.
• At each policy renewal, the "Agreed Amount" should be changed, to reflect current market value.
• You'll need an appraisal, and pictures of all four sides of the car and of the interior.
• Understand the mileage limits of your classic car insurance policy and if you drive more than occasionally, get a no mileage limit policy.
• Have an in writing basis for your car's agreed value so you can back up your damages in the case of a claim.
• Some classic car insurance policies have warranties and restrictions allowing you to drive the car only to special events and car club events.