A collector car is a work of art, an investment, and often, a labor of love. Owning a collector car is more about transportation – it’s about passion and history. Whether it’s a classic muscle car, vintage European coupe, or a fully restored antique, your vehicle deserves more than standard auto insurance. That’s where specialty insurance carriers come in. Here are several key reasons why a collector car owner should insure their collector car with a specialty carrier:
Stated vs. Agreed Value Coverage
Specialty carriers offer stated value or agreed value policies. These let you and the insurer agree on your car’s value at the start of the policy. If the car is stolen or totaled, you’ll be paid that full agreed amount—no haggling, no surprises. This means your payout is based on your car’s appraised value, not depreciation like with a standard auto insurance policy. As a result, you’re fully covered for the value of your investment if disaster strikes.
Tailored Usage Policies
Most specialty policies consider that collector cars aren’t daily drivers like standard auto policies. Specialty insurance carriers understand the unique needs of classic and collector car owners. For example, you might drive it only to shows, events, or on sunny weekends. Specialty carriers offer coverage that better reflects the value, usage, and care these cars receive. They reflect this understanding with lower premiums and more flexible mileage limits.
Coverages just for Collector Cars
- Many policies include or offer optional coverage for vehicles under active restoration. This means parts, labor, and restoration tools can be insured throughout the rebuild process.
- Additionally, specialty insurers understand a collector car owner often stores spare parts or original equipment. These items can be covered under a broader protection umbrella.
- Also, whether stored in a climate-controlled garage or maintained off-season, specialty carriers offer policies that consider the car’s protected status.
- Lastly, if you travel with your car to shows or auctions, you can get coverage while it’s in transit or on display—something standard insurance doesn’t always provide.
Expert Claims Handling
In the event of a loss, specialty insurers provide adjusters familiar with collector car values. Therefore, you won’t need to educate your claims rep about why your car is worth what it is.
Final Thoughts
Don’t settle for coverage designed for commuter vehicles. In fact, a specialty insurance carrier can give you the protection, flexibility, and confidence that your unique car deserves. After all, your advisor at Cincinnatus Insurance is well educated on what carrier would be the best option for you. Contact your advisor today to protect your collector car! By working with the right insurer, you ensure that your prized possession is protected the way it should be—for everything it’s worth.