Collector car owners and drivers have different insurance needs than those who drive their regular cars every day. Collector cars are by definition special, so insurance needs must be considered. The insurance company that covers your car to work is familiar with handling claims on modern cars. It’s not uncommon for them to deal with vehicles that lose value over time. Most owners don’t know the difference between a $2000 or $10,000 paint job. Collector car owners have many benefits from a company that specializes on collector auto insurance.
Benefit #1: Lower premiums – Collector cars are usually only driven occasionally, kept indoors and not driven in bad weather. They also tend to live a relatively “babied” lifestyle. Classic car insurance companies tend to be selective about who they insure. Because collector cars are less likely to be involved in an accident, classic car insurance companies can charge lower premiums than other insurance companies.
Benefit #2: Agreed value coverage – The majority of classic car insurance companies offer an “Agreed Value” policy. This means that you and the company agree on the vehicle’s worth prior to the policy being written. An Agreed Value policy will pay the amount agreed to when the policy was started. Few insurance companies offer an “Agreed Value Policy”. They offer a “Stated Valuation” or “Stated Anmount” policy. This clause allows them to pay only what they “think” your car is worth. It assumes that your collector car is losing value like any other used car.
Benefit #3: They understand your needs – Collector car insurance companies can better understand your needs than any other insurance provider. In many cases, the insurance agents and even the owners of the company themselves are avid car collectors. They understand how important your collector car is to you and will make sure it is repaired properly so that it maintains its value. They will listen to you and give you more room to repair your car correctly the first time.
Benefit #4: Repair Shop Of Choice. Many insurance companies won’t pay more than a fixed rate for collision repairs at high-volume shops that do average work on modern cars. You may have to pay more if your car is taken to a shop that does restoration work. Many antique car insurance companies will let you take your car to a specialist repair shop. They will pay the cost of having the car restored by skilled craftsmen.
Benefit #5: OE Parts – Many everyday insurance companies won’t pay for more expensive aftermarket parts. Non-original parts can decrease the value of your vintage vehicle. They may not fit as well or be as durable as original equipment. An all-original car will always be more valuable. Some specialty insurance companies allow you to use original equipment parts at a higher price.
Benefit #6: Perks or Special Situations – Many collector car insurance companies also offer other benefits such as spare parts, tools, and coverage for overseas transport. Many offer personal injury coverage, as well as “event disruption” insurance which reimburses entry fees to car shows and non-refundable deposits for hotel stays if an event is canceled due to mechanical problems.
Specialty collector car insurance companies offer many benefits for classic car owners. A collector vehicle owner will notice that an insurance policy from an ordinary insurance company is very lacking.