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Insuring Your Collector Car

It’s that time of year again! As the weather warms up and the days get longer, many people are taking their collector cars out of storage for the season. However, there are special insurance considerations you should know before taking your car out for a spin.

What is considered a collector car?

Collector cars are specialty vehicles that range in price and age, and typically are 20 years and older, primarily used in shows and parades. They are generally worth preserving and restoring and can also be exhibited for display. They are not used primarily for transportation. Some examples include:

  • Classic cars (typically 20-40 years old)
  • Antique cars (typically 45 years or older)
  • Vintage cars & trucks (typically built between 1919 and 1930)
  • Limited edition or exotic cars (1980 and newer)
  • Muscle cars
  • Hot rods
  • Street rods
  • Kit cars
  • Customized cars and more

Tips for insuring your collector car

There are many steps that you can take to insure your collector car properly. You want to be sure that you will be reimbursed adequately in the event of a claim. For that reason, you will need specialty car insurance.

  • Contact an independent insurance advisor at Sterling Coverage who is able to review your coverage options.
  • Obtain an accurate valuation for your vehicle. Click the report below to see an example of the complimentary valuation report that we can provide.

 

  • Our independent insurance advisors will provide you coverage with an insurance carrier that specializes in collector vehicles. Carriers like Hagerty, Cincinnati, Chubb, Pure, and AIG can all provide specialized coverage for your collector car.The insurance premiums for collector cars tend to be significantly less than private passenger cars that are driven daily.  Typical car insurance coverage also depreciates your vehicle in the event of an accident. Collector car policies provide coverage up to your car’s insured value. Standard car insurance may also not be able to provide coverage for original parts from your car’s manufacturer. That means you could be stuck with aftermarket parts that greatly depreciate your car’s value.

Please contact our office to request a complimentary collector car proposal and vehicle valuation today.

Reposted from Evarts Tremaine