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Finding Affordable Collectible Car Insurance

Finding affordable collectible car insurance can be a challenge for any classic or antique car enthusiast. The cost of a policy is directly tied to the value of your collectible car, so the more your car is worth, the more you are likely to pay to insure it. However, there is hope even for those enthusiasts among us who are fortunate enough to own the most valuable cars of all. There are certain strategies and methods you can use to hold down the cost of insuring your show car. Depending on if and how much you drive your car, you may be able to get into a policy for less money than what you might think. The coverage needs and priorities of the auto owner will, of course, dictate many of these factors. But there are certainly options for limiting what you spend on collectible car insurance. Once you have a good idea of the level and type of protection you are looking for, you can focus on trying to find a provider who can give you what you need for the best price possible.

Collectible Auto Coverage Explained

In the vast majority of cases, the value of a vehicle declines at the vehicle gets older. This process is known as depreciation. Because of a number of factors such as wear and tear on the vehicle and the fact that a buyer can go buy a newer model at the dealership, cars lose their value over time and the owner can get lower auto insurance premiums. But depreciation is not universal to all cars. Though it does occur in the large majority of cases, there is a small group in which depreciation never occurs. For these cars, their value only goes up or appreciates over time. These cars are collectibles, or become collectibles as they get older.

Collectible auto coverage is a specialized area of car insurance to take care of these vehicles and safeguard their owners against the risk of uncompensated loss. Collectible auto insurance operates the same way any other car policy would, with the same areas of coverage performing the same basic duties. Yet this type of policy is different because these cars are so different. A simple hypothetical example will help explain this difference.

Theft coverage falls under the comprehensive section of an auto policy. But the theft rate for a late model year minivan would not be the same as that of a classic roadster worth a few hundred thousand dollars. And if that minivan was ever stolen and not recovered, the replacement cost for the insurance company protecting it would not be nearly as high as it would be for the insurer selling a policy on the old roadster. Even if both vehicles were recovered the repairs would likely be much more expensive for the old collectible because of the difficulty getting parts and the need for specialized labor to do the work. Similar repairs or body work on these two vehicles would really not be similar in all because of the different levels of skill and the cost of parts involved. Certain classis or collectible vehicles are particularly troublesome in this area because their parts are so rare and hard to find. A collectible's insurer has to be willing to work with the owner in this area and come up with suggestions for locating parts and labor, and do anything else to make the repair experience as palatable as possible.

Cars Usage an Important Consideration

Finding collectible car insurance also takes a strong consideration of the car's usage. If you have a vehicle that stays in a garage and never gets driven, your needs for insurance will obviously differ from those of somebody who drivers her classic drop top to work in heavy traffic every day. There are aspects of a policy you can adjust to respond to different levels of usage. For example, if a car is strictly in storage and is never driven, you may be able to get the collision coverage suspended so that you are not paying on that part of a policy while it is not in use. Keeping the comprehensive insurance active is smart because you never know what may happen to a car while it is in storage. Anything from animals doing damage to a fire in the garage or even theft can occur, so you have to be careful about keeping this part of a policy open at all times.

When a collectible car is only brought out for display at shows, the costs of insuring the vehicle are typically much lower than they are for cars that get driven day in and day out. If you trailer your collectible to car shows and do not even drive it in parades, your need for collision insurance is much lower than that of anyone who drives their car to work every day. However, do not forget that a large percentage of accidents do occur while a car is parked, and this is no different for collectibles than for every other vehicle. If your car show is happening in a parking lot there will likely be many other vehicles passing yours. Some of them might be other collectibles, but others could be attendees to the show or large trucks pulling cars on trailers.

The usage of your car influences the cost of your policy, but it does not preclude you as a collectible car owner from carrying suitable insurance. Imagine seeing your old roadster with all original parts get wrecked while uninsured. You'd be out the sum of your investment in the vehicle with nothing to show for it. It is just not wise to leave this kind of investment unprotected. A better focus is trying to get prices down where you can handle them based on the usage of the vehicle and its time on the road.

Find Great Specialty Providers Online

If you have only recently invested in your first collectible car, you are just now getting into the more mundane areas of car ownership. One of those areas that bear the most importance is getting it properly insured. There are a few different ways you can go about this. The best way really just depends on the specifics of the situation. There is no rule that works for everyone. Start by grabbing a quote for coverage from your existing auto provider. The cost of this policy should be somewhat lessened by adding a multi vehicle discount and by certain other factors that may already be working in your favor with that company.

However, a standard carrier is not always the best option for collectible car insurance. Some mainstream providers are happy to provide coverage for these cars as a courtesy to their clients, but others would rather not even deal with the expense. That is why there are specialists out there focusing on insuring these types of vehicles. Once you have that quote in hand from your carrier reflecting the levels and types of coverage you need in a policy, use it as a measuring stick and get some quotes online from specialists. Finding affordable collectible car insurance often means getting the car insured with a collectible specialist.


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