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Anyone who owns a car needs car insurance. However, collector cars are different and require a special type of auto insurance. Collector car insurance is designed specifically to provide coverage for valuable classic, antique, and collector motor vehicles.
Special collector car insurance is needed for several different reasons:
Definitions of a classic car can vary. The Classic Car Club of America (CCCA) defines classic cars as “…fine or unusual motor cars which were built between and including the years of 1915 to 1948. All of these are very special cars that are distinguished by their respective fine design, high engineering standards, and superior workmanship.”
For car insurance purposes, however, if your vehicle’s current cash value exceeds the original selling price, it likely qualifies for collector car insurance.
Types of vehicles that may need collector car insurance include:
In addition to a qualifying vehicle, collector car insurance policies make requirements as to how it is used. These requirements include:
Collector car insurance provides essentially the same types of coverage as standard auto insurance, including liability, collision, comprehensive, and medical. However, in the case of total loss, collector car insurance pays out an agreed upon guaranteed replacement cost. Standard car insurance, on the other hand, will only pay out the actual cash value of the vehicle – the depreciated value at the time of loss.
Even though collector car insurance is designed to cover expensive, classic vehicles, the cost is not necessarily more than standard auto insurance. In fact, in some cases, it may be as low as half the cost. Factors affecting collector car insurance rates include the type of vehicle, the location, and the driver’s age and driving record. The lower the mileage limits for a classic car, the lower the premiums are likely to be. It can further lower your insurance costs if your classic car is kept in a climate-controlled storeroom year-round. No matter your situation, our agency can help you find the best available rates for a policy that suits your needs.Filed Under: Personal Insurance | Tagged With: Auto Insurance, Collector Car Insurance