If you have a vehicle that qualifies as a classic or collector automobile you may want to look into some specialized insurance. While you can just add that vehicle to your normal Auto insurance policy there are benefits in a more taylored classic policy you should consider.
Storage in cold climates
One of your activities as a collector car owner, especially if you live up north like Wisconsin, is storing it. Unless you feel like paying high rates 12 months out of the year you will likely have to call up your insurance agent twice a year to remove coverage then add it back on. The risk in such an activity is forgetting to add your coverage back on because you take your beautiful vehicle back on the road.
Storage coverage generally only covers your vehicle for comprehensive coverage. This coverage pays out for perils like roof collapse, theft, vandalism or fire. One large coverage notably absent from this list is liability. You will want that coverage if you are out on the road. A collector car policy understands you aren’t going to drive that vehicle all year round and so it builds that into the rates. This means you wont have to alter your policy at all The fact that most companies like Hagerty or American Collectors Insurance are based in northern climates proves this.
Valuation of your classic vehicle
Most auto insurance policies are designed to base your rate off a blue book value which determines what you will be paid out in the even of an accident. A forty year old vehicle that is kept in mint or pristine condition should be valued differently. Collector Car companies understand this and employ experts to aid in proper valuation of your vehicle up front. They also understand that fixing or repairing damage to older vehicles is a more intense process for a mint collector vehicle.
Limitations to consider
Obviously to qualify for the lower rates and specialized coverage there will be limitations. For instance, your vehicle will likely have to be in a completed status, or not in the restoration process. You will be required to provide many photos of your car including interior and trunk photos. A further limitation is a cap on total annual miles. The rates are low because folks that own older collector vehicles generally do not use their cars as primary auto. For this reason they only accept vehicles driven under a number of miles per year.
Other types of coverages
These companies don’t just stop at private passenger cars. Many have branched out to other specialized markets like collector tractors or collector boats. Some will insure collections in general. Because collectors take extra good care of their machines these companies can provide a very specific service and save you money overall. Call your agent or us today for a collector vehicle quote!