Every owner of a collector car shares the same sentiments. They restore them to their full glory —the cars are cleaned, well-maintained, and treated like a treasure. But despite all of that effort, it is undeniable that there are risks around cars. If you want to keep your collector car secure, you should consider getting a collector car insurance policy.
What Is Collector Car Insurance?
Collector car insurance is not the same insurance policy as when you purchase a car. It is actually an extension of the normal car insurance policy, and it is meant only for collector cars. This means you cannot use your car insurance policy to cover a classic car.
There are several types of collector car insurance depending on the insurance company or type of policy. You can get insurance specifically for a classic car, exotic car, or vintage car. Odds are, you will probably need an agent who specializes in collector car insurance to help you with the particulars.
What Are the Benefits of Collector Car Insurance?
1. Lower Premiums than Standard Auto Insurance
Most insurance policies for collector cars and collector vehicle insurance policies will have lower premiums than standard car insurance policies. This is because according to collector car insurance, the risk of paying out a claim is lower. Car collectors are also responsible and frequently pay regular insurance premiums. This increases their credibility with the insurance company.
2. Guaranteed Value Payout
Collector car insurance also has guaranteed value payouts. This means that if you have to claim your car, you can be assured that the insurance company will pay you the fair market value of your car.
3. Collector Specific Coverage
Unlike regular car insurance, collector car insurance has coverage that is specific to your collector car. Aside from the standard liability coverages, you can also have coverage on the following:
No Attendance Required
With this policy, your vehicle is covered even if damages occur while you are not there.
Coverage for Spare Parts
This coverage is extremely useful for collectors who want peace of mind, knowing that their spare parts will be covered by their insurance.
Auto Show Medical Reimbursement Coverage
This type of coverage provides reimbursement for medical expenses if you, or someone in your party, were injured or requiring medical assistance at an auto show.
Who Is Eligible for a Collector Car Policy?
You may be eligible for a collector vehicle insurance policy if you have:
A classic car around 19 to 24 years old and in good working condition
An antique car that's at least 25 years old, may be original or original restored
A replica or kit car as a representation automobile
Overall, the classification still varies depending on the insurance carrier.
How Much Does Collector Car Insurance Cost?
Costs vary depending on the type of collector car insurance that you choose. It is best to compare collector car insurance quotes from different companies before finally settling on one.
How Can You Find the Best Collector Car Insurance?
The best way to find a collector car insurance policy that's right for you is by talking to an insurance agent. You can contact a collector car insurance agent, or you can visit an insurance company in person.
Collector car insurance is useful for anyone who has a collector car. If you want to keep your beloved classic car safe, you should definitely consider getting a collector car insurance policy as soon as you can.
For different auto insurance policies in Georgia, including collector car insurance, don’t hesitate to contact us at Brand and Britt Insurance. We offer customized collector car insurance policies with coverage, including special claims, competitive premiums, value coverage, and flexible use coverage. Message us today for a free quote.