If there is one thing we know about classic cars, it’s that the people who collect them are passionate about it! When you’ve found your one true love (Yea…forget about your spouse, your kids and your dog), we’re talking about the 4 wheeled beauty parked in your garage, it’s important you protect it properly.
Classic car insurance policies are quite a bit different than your standard auto insurance policies though. Classic cars are a unique, and sometimes costly, investment. For that reason, it’s important that your automobile be insured for the proper amount.
Unlike a standard auto insurance policy, classic cars are insured for an “agreed value” determined by the insured and the insurer at the time the policy is issued. There are also some other factors that are considered when insuring a collector car, for example the amount a mileage that is put on the car. Some collector cars are only driven on the weekend – if that, others are driven cross country to collector car shows and some aren’t driven at all.
Another item to consider when purchasing an insurance policy for your collector car(s) are any limitations that may apply regarding repair shops in the event that your pride and joy needs some work done. Just as you would do the proper research of auto body shops before getting your car repaired, it’s important you do your research when it comes to insurance too. Companies that may be great for insuring your everyday car may not be the best option for your collector car. We advise contacting your insurance agent to find out what companies they recommend for your particular car and type of usage.