Collector Car Insurance Companies
When it comes time to renew your auto insurance policy, you will need to investigate and compare the various features offered by various Classic and collector car insurance companies. The main thing to remember is that not all insurance companies are created equal. Each one offers certain features in their plans that are similar to other companies, but there are key differences too. It’s important to understand what each has to offer and why before making any decisions. Here are some tips to help you compare classic car insurance companies:
Best Overall & Premium Companies. Best For Regular Drivers. Safeco. Eagerly
All collector car insurance companies offer a basic level of coverage. The most basic plan from any one of these companies usually only includes collision coverage. Some have comprehensive and uninsured motorist coverage as well. Most insurers also have emergency services such as roadside assistance and rental car coverage. If your vehicle isn’t worth much or is older than average, it’s probably best to stick with the more basic plans offered by most insurers.
Best Plans for Collectors. All classic and collector car insurance companies base their plans on different levels of coverage. Most basic plans include collision, comprehensive, and uninsured motorist coverage. However, all of these basic coverage options will cost quite a bit more than many people want to pay.
What if I’m a daily driver? Most auto show and antique car collectors fall into this category. Daily drivers will require extra coverage. You may want to consider an extra collision and comprehensive coverage on your collector car insurance policy.
How about added coverage options? Many companies offer their clients the option of increasing the stated value of their vehicle. The stated value is the amount the insurance company will cover in the case of a claim. Increased stated value coverage usually costs a little more money, but you never know when you’ll need to make a claim. A good idea is to check with your auto insurance agent to see how much extra coverage you’ll need.
Can my car be used as collateral for a loan? The majority of classic auto insurance policies will allow the use of your car as collateral for the loan. If you buy a collector vehicle at a low enough price, your lender may be willing to allow you to put your car up as security against a loan. If you are at least 25 years old, have had your car appraised and maintained a very low profile, you may be able to get a loan that has a stated value far lower than your actual worth.
Does my classic auto insurance policy provide coverage for used replacement parts? Some companies limit the coverage of used parts. If you do not use brand new replacement parts, you may not be able to obtain full replacement value coverage for your car. Some of the companies that limit the coverage do so for mechanical failures and parts that are worn out. These parts are usually covered for a specified amount of time. Check with your auto insurance company to determine if your policy provides coverage for used parts or just replaced parts.
Does my insurance company pay out if my car is totaled in an accident? Classic auto insurance companies will only pay out the actual cash value of your automobile. Your policy should provide you with a detailed description of the value of your car. However, if you do not have any physical damage to your automobile, the insurance company may not pay out. It is best if you can provide the insurer with your vehicle’s blue book value to determine its actual cash value.
How do I make sure I have enough coverage? It is a good idea to consult a professional broker who can provide you with a full list of what each company offers. However, if you do decide to purchase collector cars, be sure to review your policy to determine if you need to provide extra coverage. Usually a standard car insurance policy covers these vehicles.
As you can see, there are a number of things to consider when shopping for car insurance. If you are shopping for collector automobiles, you should be prepared for a higher premium because these cars are considered high risk. However, if you abide by the basics and select your carrier wisely, you will find good quality coverage at an affordable price. There are many auto show autos on the market that would be perfect for a collector auto insurance policy.