There is a certain kind of pride in owning an antique collector’s car that non-owners may never experience. Owning a piece of history in the form of a restored, almost flawless car speaks to the human character and style: that of the original makers of the car, of the culture of the time and of course of the current owner.
An investment in a beautiful collector’s car can quickly run into the tens – and just as often hundreds – thousands of dollars. Insuring a car like this is not the same as insuring a traditional car, or what insurance companies call a “regular use” car.
There are companies that specialize in insuring these special cars. And in many cases, regular auto insurance companies will have a division dedicated to insuring collector cars.
Fortunately, whether you choose to drive your classic collector car only on Sundays, participate in car shows and parades, lock it in your garage or store it in a museum for others to enjoy, there is an appropriate insurance policy for your situation. The important thing is to buy just the right amount of insurance: not too much, not too little.
Here are answers to 5 frequently asked auto insurance questions for antique collectors:
1. How do the premiums for collectors’ cars compare to those of cars for normal use?
A: Surprisingly, the premiums for collector cars can be even lower than those for insuring a car for normal use. While the collector’s car may be higher in value, insurance may actually be cheaper because it is used much less frequently.
2. Can I only get an extended policy?
A: If your car is a real showpiece, meaning it will never be used on the road for transportation (or to show off a bit!), then you can find a policy that only offers comprehensive coverage. This means it is covered for theft, damage, force majeure and the like – but not for property or medical damage in the event of a traffic accident.
3. What should I do if I only opt for extended coverage, but have to periodically tow my car?
A: In this case, in addition to the comprehensive coverage mentioned above, you can opt for a limited trailer paddock that provides collision coverage while your car is being towed on a trailer.
4. What additional services are usually offered?
A: Many insurance companies that specialize in covering classic and collector cars offer additional services. For example, some offer a concierge service to answer questions about your car. For example, questions may concern scrapping issues, unserviceable vehicle laws, emissions testing, vehicle equipment standards, and hobby-oriented legislation.
5. Are tools covered by most policies?
A: Check your policy guidelines, but in most cases personal tools are covered by classic car insurance. Covered tools usually include tools used to maintain and/or repair collection vehicles. This includes tool boxes, storage cabinets and accessories.
Owning a true classic car for collectors brings great joy. The pride of ownership can be matched by few experiences. In addition to the pride you feel, you will appreciate the peace of mind that comes with knowing your investment is well insured.