Collector Car Insurance Rates: What You Should Know
As any classic or collector car owner knows, tracking down that elusive, much-needed part for your specialty vehicle can take up your time, energy, and most of all, your money. Thankfully, obtaining collectors car insurance to protect your investment in that vehicle is neither difficult nor costly. Classic car owners are often unaware that many insurance companies now offer policies specifically designed to meet the needs of the collector car market.
Insuring a classic under a regular insurance policy is possible, but owners often end up spending much more money than necessary this way, while also risking great loss if their vehicle is damaged or stolen. This is because the average twenty-five-year-old vehicle may hardly be worth anything in the eyes of the insurance company, while the average collector car of that same vintage is usually worth a significant amount of money.
Collector Car Insurance Rates and Policies
Collector car policies do not just take depreciation and market prices into consideration during the valuation process. Good companies will work with the customer to determine an “agreed value” for the car which reflects the owner’s investment in parts and labor, as well as the unique features and options present on the vehicle which make so many of them truly one-of-a-kind. Obviously you do not “need” to get comprehensive car insurance coverage for your collector car, but it may be smart to consider this type of coverage because if anything goes wrong, you will be protected.
Getting a reasonable rate on your collector car insurance policy
Many enthusiasts are surprised to discover that collector car insurance rates are much more reasonable than they imagine. This owes to the fact that specialty insurers realize most collector cars will be very well taken care of, and driven a limited amount of miles in any given year, which lowers liability levels. In fact, some policies will even stipulate that the vehicle cannot be used as a daily driver, or to deliver commercial goods.
Although these policies do usually limit the amount of mileage per year that the cars can be driven, that number is normally well above what the average collector car owner needs to transport their vehicle to and from car shows, parades, and other public events where the cars are displayed.
2 Popular Collector Car Insurance Companies: Hagerty & Grundy
With the baby boomers now reaching the age where they have both the time and the means to acquire that ’57 Chevy or ’65 Mustang that they always dreamed of owning as a teenager, the collector car market is only expected to grow over the coming years. Companies offering reasonably-priced collector car policies for these types of vehicles provide a much-needed service for these hobbyists that makes good financial sense for both owner and insurer.
A very common American collector car insurance company is Hagerty, but if you are looking for a worldwide company, you could consider checking out Grundy. Obviously these are not the only two companies that provide good insurance policies; check out a bunch of them and see what you think about their quotes. They also offer antique car insurance quotes if your collector car is considered an antique as well as a wide variety of policies.