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
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.
Below are the top most often stolen collector vehicles (Hagerty Insurance - 2003):
1966 - 1982 Chevrolet Corvette
1964 - 1969 Ford Mustang
1958 - 1967 Chevrolet Impala
1968 - 1969 Chevrolet Camaro
1941 - 1974 Harley-Davidson Motorcycles
1963 - 1972 Chevrolet Nova
1966 - 1973 Chevrolet Chevelle
1970 - 1978 Chevrolet Monte Carlo
1955 - 1965 Cadillac DeVille
1950 - 1971 Chevrolet pickups
1975 - 1979 Mercedes-Benz 450
1955 - 1963 Ford Thunderbird
1964 - 1977 Lincoln Continental
We recommend
Comparison Market, they offer online binding, a dependable interface and many top rated carriers.
