Do you know that you can get special value when you shop for classic car insurance? Vintage or classic car insurance is not just car insurance for old cars.
It’s classic insurance for a collectible asset that appreciates in value over time. That appreciation, combined with the limited driving and extra care given to these vehicles by their proud owners, qualifies them for reduced insurance rates.
Remarkably, many collectors do not realize this and pay much higher premiums than necessary. So below are some tips on how to be a smart classic car insurance shopper.
#1]. Shop with a specialty insurance broker
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Contact classic car clubs or search online for brokers that offer “classic” or “collector” car insurance. Interview them to find out how much they know about collector cars.
According to NADA’s Collector Insurance Guide, they should have a strong network of specialty repair and parts providers and knowledgeable claims specialists.
They should be able to advise you about valuation and about any use restrictions mandated by the coverage.
#2]. Shop for service, not rates
State insurance authorities govern local premiums, but they are going to be considerably lower for classic cars. You should be more concerned with finding a broker that you can trust to understand the needs of the collector.
Unlike regular auto insurance, you probably won’t find any discounts for owning more than one vehicle. In fact, most policies assume that you own a regular car for daily use.
#3]. Request Agreed Value
Because most collector cars appreciate in value over time, you want to ensure that you’re covered for the full and current market value, not some depreciated value out of a table.
The “agreed value” that is written into the policy is the amount you will get in the event the vehicle is stolen. You should renegotiate this amount at every policy renewal date based upon the then-current value of the care.
This is even more essential if you own a high-value vintage vehicle, one manufactured between World War I and 1930 a period of severely curtailed automotive production in the U.S. Valuations on these cars tend to be quite high and can appreciate rapidly.
#4]. Pay attention to restrictions
Most of the insurance companies understand that classic cars are more than just vehicles; they are a passion and a labour of love. Their comprehensive cover is usually designed to recognize the true value of your classic car.
It’s unlikely that you can get an insurance policy for your collector car if your vehicle will be driven by anyone below the age of 30. This is why you should pay attention to restrictions when signing up for classic car insurance.
#5]. Know what you’re buying
It’s always a good idea to cover for every contingency. Be sure to ask for a good all-around package of comprehensive, liability insurance, medical, Bodily injury and property damage liability coverage, and towing.
Here are some of the benefits of getting your classic car insured through a right broker:
- You will get the coverage of your car for its actual worth in the current market value.
- They thoroughly check the background and eligibility of both car and the driver before covering it for insurance.
- Also, they consider the modifications done in the car as value added to the car and thus give you the required advantage.
- They consider a huge variety of cars as classic, so it is easy for you to get insurance for your car.
- A clever and specialty broker will help you get your classic car insurance at low premiums.
Conclusion on classic car insurance
As a classic car enthusiast, you already appreciate value. Classic and vintage cars not only provide entrée into a world of pleasurable get-togethers with other enthusiasts, but they appreciate intangible financial value with each passing year!
So if you weren’t aware that you are entitled to special value in your classic car insurance, contact a specialty broker now and comparison shop.
You could save yourself a lot of money AND get better protection for your prized collectible.