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You just opened up your car insurance policy, and you wanted to see if that special car that you have got in the garage is covered. My name is James, with The Resurgence Group. We are a full service insurance agency and we specialize in car insurance.
Well, if you have got that collectible car sitting in the driveway or sitting in the garage, chances are it’s not cover, or it’s not properly covered under your existing policy. What I would suggests is to get with your agent , or call up one of the collectible car carriers, and give them specific details of the type of vehicle that you have, and see what would be the best approach. Many times you want a stand-alone policy for that vehicle, or vehicles if you have more than one. And make sure that you give them the VIN number so that they can run the registration and get an exact make on the type of vehicle, because it’s very important in the event of a loss that they know exactly how to price it.
Your premium is going to be based on the value of the vehicle, but you have what’s called actual cash value versus replacement cost. You would prefer to get replacement cost, because chances are you are not going to see that vehicle ever again, so is going to be tough to just get a car that’s going to replace it, so just get the cash and move on.
Again, get with your agent. I strongly suggest that those are professionals that know how to get the right insurance for the right price, and also the right vehicle. My name is James, with The Resurgence Group. We do this every day with our clients, so I am hoping that you can find an agent in your local community, to sit down and write that insurance that makes sense for you.
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As a collector car owner, you fall into a unique category. You have a vehicle of great value, and you are aware of this. In addition, you own a vehicle that you most likely very rarely drive. Your collector car is not a vehicle that you drive to and from work or to haul groceries from the store. This vehicle is a show piece. It is something that you have invested money and time in, and you will want to make sure that your antique car is completely protected with the right type of insurance.
Instead of allowing a standard auto insurance premium to cover your antique vehicle, you should consider specialty collector car insurance. Standard policies will not allow the specialty coverage that you need, and it could end up costing you more. If you are not familiar with collector car insurance, you will find below information that will help you learn about the coverage. Here are four things to know when choosing this special type of insurance.
1. Because only certain models and years of vehicles can even be covered by this specialty insurance, the premiums are kept quite low, comparatively. This is also due to the fact that the vehicles are not driven on a daily basis. Part of owning a collector car and being able to purchase the type of insurance means that your antique vehicle will spend most of its time in careful storage, only driven in certain instances.
Most likely, choosing antique car insurance will be lower in premiums than standard policies because standard auto insurance takes into account the fact that the vehicle will be driven almost every day.
2. You will need to understand the importance of an agreed value policy. This is not something that is generally available in standard insurances, but is very prominent and important for collector cars. Since these antique vehicles cannot generally be replaced with a vehicle of the same year, make and model like a new car would be, an agreed value could be set up. This means that when you purchase the policy, you and the insurance company will decide on a value that you and they agree upon.
With this agreed value, if your antique vehicle were to be totally lost due to accident or theft, the insurance company will then pay you that amount. This way, you can make sure you do not suffer a total loss if something happens to your collector car.
3. Since specialty collector car insurance is made just for these antique vehicles, there are a number of concessions that are made just for these cars. For example, the parts replacement area of the policy is very important. In many standard coverages, the insurance will not pay for true original parts. They will instead want you to purchase parts that are considered after market because they are lower in price. However, this can be detrimental for collector cars, since the non original parts can greatly decrease the value of the vehicle. The specialty insurance understands this and will pay what you need to replace damaged parts with factory originals.
4. When choosing a policy, consider the extras that are available. While they may not all appeal to you, you may find that there are add-ons that could be quite helpful. For example, you can choose to include policies to cover the trailer you use to transport your car. You can even choose overseas coverage if you travel to various collector shows. Further options include medical coverage while you are at car shows and event reimbursement if you miss a show due to a car breakdown.
When it comes to taking care of your collector car, you must know that there is nothing normal about it. You have invested a great deal of money into the antique vehicle and you should take the steps to make sure it is cared for. You can do this by choosing collector car insurance, which is specifically designed for these types of vehicles and their specific needs. When choosing this specialty coverage, make sure you keep in mind the four tips above so that you will know what to look for and what to consider.
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Collector car insurance and classic car insurance can be tough to find. Though it shares many of the same features as traditional car insurance, it also has some special quirks. After all, many repair parts are no longer in stock, and settling on a replacement value for the vehicle can be a challenge.
For this reason, to find collector car insurance you often need to do additional research. Many mainline insurance carriers have little to offer. There are a number of specialty car insurance providers available, but you need to read the fine print to ensure you are getting a good deal.
When looking for a collector car insurance policy you can trust, look for a company that has a solid background in collector cars. Agents should be able to understand the market thoroughly to do good initial value assessments as well as appropriate claims adjustments down the road. In many cases, this will require you to get a quote over the Internet and work with agents remotely to connect with the expertise you need.
Always remember to get multiple quotes. Valuations on classic cars can and do vary considerably, especially if you’ve done extensive customization on your vehicle. Be sure to shop around to get the best value and the best coverage you can afford to protect your collector car.
Information Needed For A Collector Car Insurance Quote
Getting a collector car insurance quote takes a bit more time than a traditional car insurance quote. Be prepared to spend time communicating with your insurance representative and sending information back and forth. Knowing this going in can help you be patient as you work through the quoting process.
You will need to have a complete background on the car, to the best of your abilities. Photographs that are current of the overall vehicle as well as any customization projects will also be needed. Any assessors’ statements or auctioneers evaluations of the car’s condition will also provide good reference.
A key part of the quotation process for your collector car will be ascertaining an appropriate value for the vehicle. As this can be somewhat subjective, be prepared for a little back and forth with the agent before reaching an agreed value.
Common Collector Car Insurance Policy Features
Many collector car insurance policies have special riders specific to your vehicle. However, there are a number of common policy features, which are listed here for your reference:
- Agreed Value Coverage. Agreed Value cover pays for the car’s full value in the event that you face a total loss.
- Flexible Use Coverage. Though many collector cars spend a good portion of their life in storage, a flexible use policy covers you driving, showing, and otherwise using the vehicle.
- Spare Parts Coverage. This coverage helps you source spare parts in the event of an accident or a breakdown of the vehicle.
- Inflation Coverage. This coverage increases the value of the coverage on your vehicle automatically each year to keep up with inflation, without requiring a new valuation to be performed.
- Towing and Labor Coverage. This coverage takes care of towing and roadside assistance for specialty vehicles, which may require more in depth rescue services than a simple tow in the event of a breakdown.
Collector Car Insurance Discounts Available
As most collector car insurance policies are offered through specialty dealers, it is hard to find discounts on coverage. Multiple car discounts are available if you have more than one car with the same carrier. In some cases, you may also be able to qualify for discounts based on the installation of modern safety features, such as car alarms, GPS tracking for the vehicle, or security cameras around your car’s storage area or garage.
Collector Car Insurance Exclusions To Note
Coverage on collector cars requires qualification through an agent, and there are some models which are not accepted, despite their age. For this reason, it can be important to start the discussion about coverage with an agent before you purchase the vehicle. This can prevent you from ending up with a collector car that you can’t drive anywhere and that represents a vulnerability in your balance sheet.
