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Car collectors who like to own and tinker with antique, classic and collector automobiles may need to think a little harder about where and how to get collector car insurance. Collector car insurance can be found in the same way by using a car insurance comparison to find cheap quotes. Get started now by entering in your ZIP code and receive FREE car insurance quotes!
Because collector cars are more expensive than non-collector cars, and because it is more difficult to keep them maintained, especially if they see regular use, insurance policies may be more expensive. Furthermore, due to collector vehicles’ appreciating in price rather than depreciating, auto insurance rates and coverage options may be slightly different. Enter in your ZIP code above to generate FREE car insurance quotes!
Use our free comparison program to find a good quote for collector car insurance! Even if you know about standard car insurance, you may need to do a little more research to be able to determine a good quote for antique insurance in your area. Our free tool can help.
How Do I Get a Collector Car Insurance Quote?
Collector car insurance depends on a number of concerns that may differ from those held by non-collector car owners. You need to determine a number of things before you can get an accurate collector car insurance quote. These include:
- Age of car
- Whether you drive other cars
- Annual mileage on car
- How you store the car
Of course, other issues also apply like where you live, the age of the driver(s) on the policy, and other demographic information.
However, this article is focused on collector insurance specific issues. Read on for details about the above issues.
Age of Car
How old is your collector car? There are three main categories of collector car – two have to do with its age, and the third has to do with its limited status. If your car was made between 1905 and 1918, it qualifies as an Edwardian collector car; if it was made prior to 1905, it qualifies as a Veteran collector car.
If it was made any time after that, it is generally only considered to be a classic collector car if a) it was produced in small quantities or for a special purpose, b) has an intriguing body shape or is otherwise interesting to look at, and c) is at least 20 years old, generally at least 40.
These cars are known as Limited collector cars.Veteran cars are generally the most expensive to insure, followed by Edwardian cars, followed by Limited cars. Collector car insurance for Limited cars vary widely depending on the relative worth of the vehicle being insured.
Other Car Usage
While most car insurance policies require you to list whether you own other cars, it is actually very important if you want to get a good quote for collector car insurance. How little you pay to insure your collector car will depend a great deal upon how much you plan to drive it around.
If you subject your collector car to the wear and tear of a regular driving schedule, you will likely have to take it in to be serviced more often. You also run a greater risk of having to make a claim due to a car accident. If you do not have another car, an insurance company may even deny your collector car insurance policy.
You should use another car for standard daily activities. Think of a classic car as an investment that appreciates over time, think of a standard car as a useful item that depreciates over time, and make your driving decisions accordingly.
Collector Car Annual Mileage
A good quote for collector car insurance will also depend on the annual mileage you plan to put on it. Most insurance companies will only give you a decent quote if you drive under 2,500 miles per year in your antique car; some require you to drive it even less.
This allows you to drive it around on Sundays or at car shows, but it will generally preclude you from driving it to work and back every day.
Collector Car Storage
Most insurance providers need you to store your collector car in a locked garage or other secure, covered location. This is both to protect it from the weather and to ensure that it is not stolen.
Your antique car is valuable, and your insurance company wants you to treat it as such to give you a good collector car insurance quote.
How to Insure a Collector Car
Collector cars require you to pay attention to several details before you are able to find a good quote. You will need to collect and calculate several figures and pay close attention to any fine print if you want to get a good deal on collector car insurance.
Establish Your Car’s Worth
This is done by finding any receipts for maintenance and labor costs to prove that your car has the added value of being regularly kept up. It would also be a good idea to hire a professional antique or collector automobile appraiser, as your car may have appreciated in value over the years.
The professional appraiser will help you figure out how well you’ve taken care of your car and how much it’s worth for the insurance companies. Proof of good caretaking will also go a long way toward decreasing your overall rates.
Reappraise Every Year
By reappraising your vehicle and re-establishing its worth, you may also be able to get additional coverage. Revaluing the vehicle every year will help to ensure that your car is always covered for the amount that it is worth.
Some insurance companies do this automatically, however, through the use of an appreciation clause; you should consult with your potential collector car insurance providers on this matter.
Read the Fine Print
Collector insurance policies are more like insurance taken out on objects of art, but the quirks associated with that type of insurance are often hidden in various sub-clauses and other seemingly minor aspects of your policy agreement. Read it carefully before you sign it!
Some companies try to get out of paying the full value for your antique vehicle if you get into an accident by only reimbursing you for its value post-accident.
You will want to make sure that there is an “agreed value” in the contract, ideally associated with an automatic appreciation clause so you know how much you’ll get paid each year if something happens to your collector car.
Taking care of a collector’s vehicle is a bigger responsibility than taking care of a standard automobile. You need to care for it as you would care for any other collector’s item and keep it in “mint” condition.
This often makes collector car insurance more expensive. However, it doesn’t have to be. If you use our free comparison tool, you can make sure that you get the best possible deal.. Just enter your ZIP code today to begin!