Classic Car Insurance - Why Your "Dream Car" May Be at Risk

 

You may have finally got your dream car. Maybe it's that muscle car you always wanted back in high school, or you got that car back that you had 30 years ago. Maybe you've had your classic car for many years now. In any case, if you are insuring it with your current daily transportation insurance company, here are some reasons to look into a collector car insurance company.

First of all, many standard car insurance companies may not insure your classic car for what it's truly worth. Many classic car owners who have their auto covered by their standard insurance company may be covered under an Actual Cash Value policy. This is probably the worst policy you can have, since this coverage entails that you will be paid the actual value the insurance company determines your vehicle has. They may use blue book values if they are listed, or use a percentage of what you paid for the vehicle. If you paid $4,000 for that car ten years ago and now it is fully restored, the insurance company may see the $4,000 depreciated over ten years. Vehicles depreciate under the Actual Cash Value policies, even classic cars and other collectibles. If you find you are under this type of policy, read on. You need to look at the next two types of policies.

Stated Value and Agreed Value policies are the best fit for classic cars. They both allow the value of the car to be set between the owner and the insurance company, not just a standard value taken from a data sheet. However, Agreed Value policies are the best choice. Stated Value policies still allow the vehicle to depreciate yearly, and there are usually higher deductibles. Agreed Value policies do not depreciate, so your classic car is always covered up to the max amount. Plus, many Agreed Value policies do not have deductibles, making it the best choice.

Now that I have probably scared some classic car owners, there's other good news for having your car insured under a collector car insurance company. You may save up to 50% off your premiums. Because these insurance companies only deal with classic and other collector cars, they can keep their premiums lower. Most car collectors keep their vehicles in tip top shape, and they are only driven a limited amount. This means these cars are not as much of a liability to the insurance company. The only stipulations you may run into are limited mileage allowance (usually 5000 miles a year or around that), a minimum age driver limit of 25 or 30, and you cannot race the vehicle. Many policies even let you have more than one classic car under the same policy, for the same price!

If you have a rare or specially modified car, or have a model built by a famous builder, your classic car may have more value than any book or standard insurance company will value your vehicle at. Again, because collector car insurance companies only deal with collector cars, they know what to look for in determining the true value of your collector car. Using a specialty insurance company is the best way to fully insure your classic vehicle.

I'm not going to plug any certain insurance company, but using a search engine will bring up more than you could ever compare. You only need to compare two or three - most collector car insurance quotes will be similar. You don't usually find big swings in prices like you can find in standard daily transportation vehicle quotes. Before calling, make sure you have a general ballpark figure for the value of your car. The insurance companies may want to see receipts for restoration, parts, and labor which you have used to establish the value. Any rare options, original parts, etc. may also be mentioned.

Once you have your insurance policy set, you should periodically update it. Classic car values over the last ten years or so have been going up quite substantially. Restoration also adds value to a vehicle. Make sure you are insured for the full value of your vehicle in case the worst possible scenario happens. It pays in more ways than one to look into a collector car insurance company for a quote. Not only may you save a lot on the premiums, but you may find out your current insurance doesn't fully cover your classic vehicle up to its' true value. That is one big risk, especially if you have a truly valuable classic.

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