To many auto enthusiasts, their collector cars are their “babies” which is why finding the best collector car auto insurance possible is essential. Finding collector car auto insurance is a little different than getting typical auto insurance for your “everyday” car. Many people forget that their collector and special interest cars are not quite the same as their regular vehicles and should have extra protection. Insuring classic, collector, and special interest cars can be a bit confusing for newbies and old pros alike, since collector car insurance is specialty coverage, but with a little research, finding good collector car coverage should not be a problem.
Regardless of whether you are a professional car collector or a hobbyist, it is essential that your investments be protected properly. If you have a collector or special interest care, you should not only know the basics of the collector car insurance policy, but you should also look a little further into how most collector cars are insured. Collector car insurance has been available within the United States for half a century (almost as long as many collector cars) most collectible car owners insure their cars with traditional auto insurance. With standard auto insurance policies, collector cars cost more to cover than regular cars. It is important to know that specialty and collector car insurance policy premiums cost less than standard traditional auto insurance policies. This information is often unknown by many car collectors and therefore they are spending much more out of pocket expenses than they actually need to. In fact, if you choose to cover your collector car with the standard auto policy, you could be spending more than 500%! Now that you know it is in your best interest to cover your collector car with specialty insurance, you should get started finding the right company for you. When you insure your antique or classic car, you should shop around and compare policies, just as you would with any other type of insurance coverage. Remember, your collector car is an investment and should be treated as such, so always choose your insurance company as an informed consumer.
First and foremost, always make sure that the policy you are considering covers your car for the way you intend to use it. The policies and coverage will differ if you use your collector car for daily driving as opposed to only driving it to and from car shows, in parades, and so forth. Depending on the way you use the car, you will need to tailor your coverage. If you are not sure about the details, always ask the agent for the company.
Other things to consider when shopping for collector car auto insurance include whether there is a difference between the stated value and the agreed value of your collector car. Some policies will define these two terms differently and that will also affect your coverage. Additionally, some insurance companies will require special parking and storage arrangements for your classic car. When in doubt about any aspects of collector car insurance policies, always read the fine print, do your research, and be sure to ask your agent before signing.
