It can be tough to get the right collector car insurance, but the process goes a lot easier if you think of it as part of protecting your investment. There are some things you need to consider when you have a classic or exotic car that you want to insure, and this short guide will help you make the right decision.
Putting a Value on Your Classic Car or Truck
Prior to buying your insurance, you need to have a specific value assigned to your vehicle. There are “stated values” which are those that are provided by an appraiser, and there is “agreed value”, which is arrived at by both the insurer and the owner of a vehicle. This is both a measure of the vehicle’s worth, and a measure of liability- so be sure to ask your insurance agent how they arrive at these values, and which one would best fit your situation. After all, you don’t want to find out after an accident and a claim that the value of the car was computed in the wrong way!
How Will You Use Your Vehicle?
Here’s another thing to think about. When you’re buying classic car insurance, you need to make sure that it adequately covers for the way you use your vehicle. For example, if you only drive it to and from car shows or parades, then a restricted-use policy may be enough (and these policies are usually pretty inexpensive). However, if you use your classic as a daily driver, you will need coverage that’s a bit more in-depth. Before you sign the policy, you and your insurance agent need to make sure that it provides enough coverage. If you need help getting a classic car insurance quote, insweb can provide it.
Finding a Classic Car Insurer
If you have a classic or exotic car that you want to insure, companies like Hagerty, Heacock Classic, and Northeast Classic Auto Insurance are there to help. These companies specialize in valuing and insuring only the classics, so you are guaranteed to get personalized service. And, getting quotes is easy, because all the above insurers have an online quote request form.
Restrictions on Parking and Storage of Your Classic Car
If you get your collector car insurance through a specialty company, the insurer may require that your car must be stored in a locked building or enclosed trailer when you aren’t using it. Or it may stipulate that your car cannot be left unattended at all. This means that if you use your car a lot, you could run into issues. For example, if you travel to a cruise-in car show, you may not be able to leave your car in the parking lot if it is unattended. This is another area where you and your agent need to be clear on your policy’s restrictions.
Driving a classic car is a great experience, but getting the wrong insurance can take all the fun out of it. By getting some quotes and knowing some basic information about classic car insurance, the American hobbyist can drive their favorite hot rod without worrying about how they’d pay for repairs if the car gets damaged.