What to Know Before You Purchase Insurance for Your Collector Car

What to Know Before You Purchase Insurance for Your Collector Car

The definitions for a collector car are broadening. While collector cars used to mean older and antique vehicles, it now includes many more, such as sports cars, muscle cars and even vintage racers. With the expansion of what cars are collected, it is not surprise that it is estimated that less than half of collector vehicles are insured by a specialty program such as classic collectors insurance. Before purchasing insurance for your collector car, make sure you understand your options.

  • Insuring with a standard auto policy will be more expensive because it is intended to insure a car that is used daily.
  • Classic Collectors insurance is specialty coverage. Insurance companies may include mileage restrictions or make additional requests of you before putting your policy into effect.
  • Your insurance may include provisions that are only applicable in specific circumstances, such as at a show or as part of a parade
  • Value will be determined differently. With traditional car insurance, a car is valued based on its book value which will depreciate with age. Classic collectors insurance will determine your car’s value differently and can either be based on Agreed Value or Stated Value.

If you have a collector car, it may be time to look into specialty insurance and make sure its covered for its value and how it is used.