When you purchase a collector car or antique car, make sure you’re carrying the right type of insurance policy for the vehicle. Since you probably won’t be driving this car each day, you don’t have to invest in a regular insurance policy to keep it safe. Many auto insurance providers offer a special collector car insurance that costs much less than your regular car insurance premium, and offer excellent coverage for your collector car or antique vehicle. You need insurance to protect your vehicle against accidents and damage, but you won’t need to pay anywhere near the full premium price for coverage.
Types of Vehicles Covered Under Collector Car Insurance
You will need to talk to your insurance company about what they define as a “collector car” or “antique vehicle” versus a hobby vehicle. In most cases, auto insurance providers have a limit based on the year that the car was made, and will need to learn about the make, model, year and general purpose of the vehicle when calculating insurance rates.
The types of vehicles that are typically covered by a collector car insurance policy or specialty car insurance policy include:
Antique and classic cars Exotic cars or special interest vehicles Certain types of trucks Modern classic vehicles Some types of motorcycles and scooters Vehicles undergoing a restoration High quality replica vehicles Muscle cars Certain types of tractors and trailers
Benefits of Collector Car Insurance
Collector car insurance policies differ in several ways from regular car insurance policies. Not only is this type of insurance less expensive than regular car insurance, but it can also offer restoration coverage for your vehicle and flexible terms.
Some of the key benefits of collector car insurance include:
Options for unlimited number of vehicles covered under a single insurance plan In the event of complete loss, coverage may not be affected by depreciation of the vehicle Flexible insurance limits Options to take the car in for repairs at your favorite repair shop No deductible on collector car insurance (in most states) In-house claims processing (offered by some insurance companies) so the entire process is simple and efficient
You can shop around to find the best collector car insurance plan that will meet your needs, and consider quotes from both private insurance providers and some of today’s leading car insurance companies to get the best package. Talk to at least three insurance agents about the different options available for collector car insurance coverage, and to learn more about specialty auto insurance plans.
Sources:
Progressive.com — Collector Car Insurance
American Modern Insurance Group — Collector Vehicle
Barrett Jackson Insurance — Coverage