There is a certain kind of pride in owning an antique collector car that non-owners may never experience. Owning a piece of history in the form of a restored, near-pristine automobile speaks to human character and style: that of the original makers of the automobile, of the culture of the day, and of course of its present owner.
An investment in a fine collector car can easily run into the tens – and just as often hundreds – of thousands of dollars. Insuring a car like this is not the same thing as insuring a traditional car, or what insurance companies call a “regular use” car.
There are companies who specialize in insuring these special automobiles. And, in many cases, mainstream car insurance companies will have a department devoted to insuring collector cars.
Fortunately, whether you choose to drive your classic collector automobile only on Sundays, participate in auto shows & parades, keep it locked up in your garage, or store it in a museum for others to enjoy, there is an appropriate type of insurance for your situation. The important thing is to buy just the right amount of insurance: not too much, not too little.
Here are answer to 5 frequently-asked-questions about antique collector car insurance:
1. How do premiums for collector cars compare to those of regular use cars?
A: Surprisingly, premiums for collector cars can actually be lower than those required for insuring a regular use car. While the collector car may be higher in value, due the fact that it is used much less often its insurance can actually be cheaper.
2. Can I get comprehensive-only policy?
A: If your car is a true showpiece, meaning it is never used on the road for transportation (or to show off a bit!), then you can find a policy that offers comprehensive coverage only. This means that it will be covered for theft, damage, acts of God, and the like – but not for property or medical damage in the event of a road accident.
3. What if I choose comprehensive coverage only but need to periodically trailer my car?
A: In this case, you can opt for a limited trailer paddock that provides collision coverage while your car is being towed in a trailer, in addition to the comprehensive coverage mentioned above.
4. What additional services are typically offered?
A: Many insurance companies who specialize in covering classic and collector cars offer additional services. For example, some offer a concierge service to answer questions you may have about your car. Questions could involve, for example, scrappage problems, inoperable vehicle laws, emissions testing, vehicle equipment standards and hobby-focused legislation.
5. Are tools covered in most policies?
A: Check your policy guidelines, but in most cases personal tools are covered in an antique car insurance policy. Covered tools usually include those used to maintain and/or restore collector vehicles. This includes tool boxes, storage cabinets, and accessories.
There is great joy that comes with owning a true classic collector automobile. The pride of ownership can be matched by few experiences. Along with the pride you feel, you will appreciate the peace of mind that comes with knowing that your investment has been insured properly.
