Collector Car Insurance
When your hobbies include restoring, or simply enjoying, classic cars, spring’s sunny weather brings a special level of JOY. As dust covers are removed, batteries are hooked up and tunes up are completed just watch as the smiles grow. Before you take your special “sunny day fun car” for it’s first run make sure you review your insurance coverage. Your company needs to show your car the same level of love you do. Here a few of the reasons your car should be on a collector car policy.
Reduced Rates for Reduced Use
Collector Car carriers know you use this special vehicle on a limited basis. They know you are VERY careful about where you drive AND where you choose to park your car. Insurance rates are reduced to reflect this. Rates are 40% lower than regular premiums on average.
Premiums reflect a reduced use, but many Classic Car companies are offer flexible use plans. These plans allow you to use your vehicle for more than just shows and parades.
Agreed Value Coverage VS. Stated Value
Standard auto insurance carriers will add your classic car to your policy. Collector cars on a standard auto policy are covered on a state value basis. The value listed on your auto insurance is not the amount you are guaranteed to receive. Depreciation will be applied. The stated value is simply the most the carrier will pay.
Collector Car policies offer agreed value coverage. Agreed value guarantees you will receive the full amount listed in a total loss situation and no depreciation will be applied. As these investments typically increase in value it’s important to keep your coverage limit up to date.
Restoration and Spare Parts
Collector Car insurance carriers are able to provide coverage for your project cars. Coverage is also offered for the spare parts you keep around “just in case”.
Specialized Claims Adjusters
If your vehicle is damaged, you want to work with someone that speaks your language. Claims adjusters for classic car insurance carriers are specifically trained to assist with unique vehicles. Parts specialists can assist with accessing original replacement parts in many cases.
Guide Insurance Services is an independent insurance agency. We represent several carriers that specialize in Classic Car insurance. Stop in, give us a call, or request a review HERE to discuss your current coverage and see what options are available for your “sunny day fun car”.